Radical Innovation: Definition, Differences, and Examples

Innovation is crucial for companies to stay competitive and meet the evolving needs of customers. Radical innovation is the rare type of innovation that combines groundbreaking technology with a new business model, transforming industries for the better. Companies that successfully implement radical innovation need to reinforce a culture of innovation in the workplace. There are two other types of innovation, disruptive and incremental, which focus on entering new markets and gradually improving existing products, respectively. The three horizons of innovation model is useful for businesses to explore new opportunities by creating new business models or innovating existing ones. Examples of radical innovation include the washing machine, personal computers, and cloud technology.