What is innovation?
Innovation is the creation and implementation of solutions and ideas that result in new or improved products, systems or services. It’s a term used around the globe, and different nuances of innovation are used to differentiate all applications of the term.
There are 4 commonly referred to types of innovation that are found:
- Radical Innovation – where new innovative technology is created and from that opens up an entirely new market.
- Architectural innovation – where existing technology is applied to create innovation in a new market. This is where businesses use their skill, expertise or technology of their current system or product and apply that to a new market.
- Disruptive innovation – where new innovative technology is applied to disrupt an existing market. A disruptive business model within an existing market is also an example of disruptive innovation.
- Incremental innovation – where existing technology is applied to an existing market which would improve an existing offering by adding new features or design changes.
Different fields of innovation commonly used include technological innovation; where the use of tech in innovation practices is used for increased market competitiveness which enhances business or product value. It refers to the disruption of the current market with a new revolutionary technology. Common examples refer to technological advancements in renewable energy, such as wind turbines as well as the technological advancements to support the industry. A recent example is the innovation in warehouse robots, such as the Ocado bot, which runs on the Ocado Smart Platform and is a innovative way to use technology which has allowed Ocado to become a world-leading grocery provider and technology owner.
Experienced in UK robotics and technology, Tharsus understand the importance of innovation within the business economy and how actioning innovative ideas can drive practical innovation. Tharsus CEO Brian Palmer is passionate about driving innovation within UK robotics and technology through collaboration with UK technology companies. Read more.
