Pankaj Deshpande

Innovation in business is defined as the implementation and development of new procedures, products, services, and ideas with the objective of boosting the company's conversion rate or brand value. Innovation acts as a crucial role in driving economic growth for businesses. As we all see, the advent of Netflix came as a small-scale business, and now its market value stands at $32.9 billion. It will happen not only with the advent of something new but getting it out into the market also proves profitable. Here are different Types of Innovation in Business Types of Innovation in Business  Disruptive Innovation:  Disruptive innovation refers to that a concept, services, or products that build a fresh and creative value network, no matter in a new or well-established market. Clayton Christensen is a famous business consultant, academic, and professor behind this incredible Disruptive Innovation concept. This type of innovation gives more power to turn non-customers into customers...

With the rising competition, many entrepreneurs have started discussing innovation. But what is the meaning of innovation, and why is it important for entrepreneurs? So, innovation is basically the replacement or improvement of something. Innovation is the particular instrument of entrepreneurs with the help of which an individual exploits the changes as a chance for a different business. An Innovative Entrepreneur is one who has the ability to tackle to produce innovative products to meet the market's demands and trends. Innovation in Entrepreneur plays a role in many ways like in:  Creative Development Innovation enhances the nature, creativity, and design thinking process of a brand. A new business can attain the height of success by learning the steps of creativeness. Innovation in Entrepreneurship can open the doors of various opportunities by helping the business to keep up with the current trends.  Persistent Improvement Innovation gives organizational durability when ...

According to McKinsley Global Innovation Survey, 84 percent of the executives have already understood that innovation is one of the most important growth strategies. These statistics highlight how important innovations like product innovation, creative innovation is in a company. Technological innovation could be defined as innovation in which technological characteristics of a new or improved product differentiate from that of the other product significantly. Thus, developing a product innovation and technology strategy for your business is quite an important task. Even though technological innovation could be observed in various products around us, here are a few technological innovation examples that have significantly made an impact on the business:  Artificial Intelligence This is one of the technological innovation examples that has made a potential impact on the business. Artificial intelligence could be defined as the invention of machines with programming like that of a h...