What are the 4 types of innovation ?

Peter Drucker once said that the success of a business depends on a courageous decision. For modern companies, that decision is innovation. This article seeks to define innovation and its importance in business growth. The Organization for Economic Co-operation and Development’s definition of innovation is the implementation of a new or significantly improved product or service, a new marketing method, or a new organizational method that creates value and meets the needs of the market. There are four types of innovation: incremental, adjacent, disruptive, and radical. Incremental is the continuous improvement of a product or service, adjacent uses existing capabilities to appeal to a new audience, disruptive targets overlooked segments in the industry with a smaller company, and radical is the creation of a brand new product or service that nobody expected. Innovation is essential for a company to adapt to change and maintain its survival.