Incremental innovation
Commonly used method by most established companies which
focuses on improving or creating a new product or service with
specific goals in mind, which are:
1- Grow profit for already existing products
2- Protecting the business model, they have at the current time
3- Create a new business model without harming current ones.
This approach is not as risky, which is why is more popular. Most
well-known companies to use this method is Apple. Apple made a
lot of changes to their iPhone in the past 10 years, however, the
product has remained easy to use, and changes are easy to adapt to.
Radical innovation
Radical innovation is complicated as it’s a complex process. One
of the most accurate ways to describe it, is as the “Blue Ocean
Strategy”. It means that the company is creating a new market
rather than competition in an existing one.
For Example, VR became huge, as it became it’s own market,
with companies only focusing on creating VR content, and
consoles rather than just joining an existing market like the
video games market.