Types of Innovation

Abstract

The chapter covers a landscape and roadmap for business innovation, based on the consideration that the only measure of innovation is the value it creates. The challenge is to generate sustainable value today when value is a moving target and an expanding choice space for customers and providers. Additionally, the chapter will document one case and one challenge.

Three main findings in the chapter are: (1) value is on the eye of the customer; (2) invention is not innovation; it is a discovery as a result of creative processes that is often serendipitous and very difficult to predict or plan; and (3) innovation is to deliver and create value for a costumer through the commercialization and monetization of an offering.

Citation

Corrales-Estrada, M. (2019), "Types of Innovation", Corrales-Estrada, M. (Ed.) Innovation and Entrepreneurship: A New Mindset for Emerging Markets, Emerald Publishing Limited, Leeds, pp. 113-139. https://doi.org/10.1108/978-1-78973-701-120191009