Innovation

Innovation: To Change or renew, by creating better or more effective product

Types of innovation

1. Incremental innovation
2. Radical innovation

Incremental Innovation

Improves upon some thing that already exists. The fund required for innovation is lesser than radical innovation. The modification is made based on the customers feed back and suggestions, which will be coming in the next product output.

Radical Innovation

The innovation is not continued with the previous one it is entirely modified from the previous out put which will be advanced and the futures will meet the next generation needs. The innovation normally take many years to produce it is risky and expensive.