Learn More about Innovation Management

An Introduction & Current Resources

In today's business climate, innovation isn't an option. It's a requirement. Competitive companies know that while cutting costs might keep them in business today, increasing revenue means staying in business tomorrow.

How do you increase revenue?

Through innovation.

There are several types of innovation.

Here are a few categories of innovation, as defined by the OSLO Manual: Guidelines for Collecting and Interpreting Innovation Data, 3rd Edition:

Product Innovation:
A good or service that is new or significantly improved. This includes significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics.

Process Innovation:
A new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.

Marketing Innovation:
A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.

Organizational Innovation:
A new organizational method in the firm’s business practices, workplace organization or external relations.