What are the risks associated with incremental innovation?

What are the risks associated with incremental innovation?

Incremental innovation involves making small improvements to existing products or services. While it can be beneficial, it also carries risks such as market saturation, reduced competitive advantage, and potential neglect of disruptive innovations.

Can you give examples of companies that faced risks due to incremental innovation?

Sure! Companies like Kodak and Blockbuster focused heavily on incremental improvements rather than embracing disruptive technologies, which ultimately led to their decline.

How can companies mitigate these risks?

Companies can mitigate these risks by fostering a culture of innovation, investing in research and development, and being open to disruptive ideas that may challenge their current offerings.

What role does market research play in this process?

Market research is crucial as it helps companies understand consumer needs, identify emerging trends, and assess the potential impact of both incremental and disruptive innovations.