Where to Innovate: Product Innovation Explained

Product innovation can be defined as the development and launch of new or improved goods or services that are new or significantly improved with respect to their characteristics or intended uses. The Oslo Manual categorizes innovation types based on the object of innovation, and product innovation can either be a new product or a significantly improved one. There are four levels of product innovation, ranging from new-to-the-world products to product modifications. The development process for product innovation involves ideation, development, and implementation. The Fourth Industrial Revolution is transforming the traditional production process, offering the potential for reduced costs and risks and improved safety.