Type of innovation: Product |
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What’s a product? |
What’s product innovation? |
A product can be a tangible, physical good or a digital item, such as software or an app |
Product innovation:
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Type of innovation: Process |
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What’s a process? |
What’s process innovation? |
A process comprises the activities and operations that produce a business’s product and service offering. |
Process innovation:
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Type of innovation: Service |
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What’s a service? |
What’s service innovation? |
A service comprises the type of support and experience provided to customers at any point where they interact with a business e.g. to learn about, try, buy, receive, use, share, return and cancel products and services. A service can be the business’s core offering or an additional support to core product offering. |
Service innovation:
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Type of innovation: Business model |
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What’s a business model? |
What’s business model innovation? |
A business model describes how a company creates, sells, and delivers value to its customers. |
Business model innovation:
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Updated: 19 May 2023