What is the difference between radical and incremental innovation?

What is the difference between radical and incremental innovation?

Radical innovation refers to breakthroughs that create significant change, while incremental innovation involves small, gradual improvements.

Can you give me examples of each?

Sure! An example of radical innovation is the invention of the smartphone, while incremental innovation can be seen in software updates that enhance user experience.

Which type of innovation is more beneficial for businesses?

It depends on the business context. Radical innovation can lead to new markets, while incremental innovation can improve efficiency and customer satisfaction.

What are the risks associated with radical innovation?

Radical innovation carries risks like high investment costs, market uncertainty, and the potential for failure, but it can also yield high rewards.