Transformational innovation is a term used to describe the value for all four levels at the same time. But value has a different meaning at these different levels, and it is important to have a good understanding of what these levels are, and what value means at these different levels. Although the concept of the levels is more general and applied for various purposes.
Innovation vs risk
There are three ways or strategies to follow regarding the transformational innovation diagram; the higher a company aims to be in the front of innovation – also means the calculated risk is higher. Innovation demands to spend a high percentage in the R&D department. Many factors depend on having success, and maybe the most important issue is how to manage and find a dynamic team of workers across different industries and education. See the added value
Transformational innovation three ways
- Developing breakthroughs and inventing things for markets that don’t yet exist
- Expanding from existing business into “new to the company “ business
- Optimising existing products for existing customers (markets)