I was reading an article recently that suggested there are basically 4 types of innovation that a company might seek to undertake:
- Product innovation, whereby a new product or service is brought to market or a current one improved;
- Process innovation, whereby processes and procedures are modified to make them more efficient
- Positioning innovation, whereby a product or service stays fundamentally the same but is sold to a different market or as a different proposition
- Paradigm innovation, whereby an innovation is effectively disruptive and facilitates some form of fundamental change
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Sarquol Ltd 