Innovation is a broad term that refers to the development and implementation of new ideas, products, or processes that bring about significant change or improvement. Here are some related terms and their definitions:
Invention: The creation of a new idea or product.
Disruptive Innovation: A new technology or product that disrupts an existing market or industry by providing a better, cheaper, or more convenient alternative.
Incremental Innovation: Small improvements or modifications made to an existing product or process, often over time.
Open Innovation: A collaborative approach to innovation that involves partnering with other companies, customers, or stakeholders to share ideas and resources.
Reverse Innovation: An innovation that originates in a developing country and is then adapted for use in a developed country.
Radical Innovation: A significant and groundbreaking innovation that transforms an industry or creates a new one.
User Innovation: Innovation that is driven by the needs and preferences of end-users, rather than by companies or researchers.
Social Innovation: Innovation that addresses social or environmental challenges, with the goal of creating positive social impact.
Blue Ocean Strategy: A business strategy that seeks to create uncontested market space by innovating in ways that make existing competition irrelevant.
Design Thinking: A problem-solving approach that emphasizes empathy, creativity, and experimentation, with the goal of developing innovative solutions that meet the needs of users.
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