Types of Innovation in Entrepreneurship - MIT ID Innovation
                     What are the Types of 
Innovation in 
Entrepreneurship?
MITID Innovation
In the contemporary business world, 
everything revolves around how effective 
and innovative the goods and services 
created by a company or a firm are. 
Hence it might not be wrong to say that 
innovation is the key to expanding a 
business. A business that remains 
competent in creating innovations can 
stand ahead of its competitors. 
As an outcome of this, companies 
receive a higher market capitalisation. 
Now, you might be wondering, what is 
innovation? What are the various types 
of innovation in entrepreneurship? What 
makes it so significant for businesses?
So let's get straight into getting all these 
answers. Shall we?
What Does Innovation Mean in 
Entrepreneurship?
Innovation in modern businesses is all 
about building new ideas, products, and 
methods. Nevertheless, this is not the 
exclusive definition of innovation. Innovation 
further entails transforming existing 
processes to fulfil the demands of end-
users. 
The principal purpose of these unique 
innovations is to reach and earn faithful 
clients while also interpreting and presenting 
the products required in the market. 
One of the principal reasons innovation is 
crucial for companies is that it adds worth to 
every company and instantly creates market 
demand. As a result, the business earnings 
and reliability expand. Apart from this, 
innovation also helps companies save time 
and money.
Types of Innovation in 
Entreneurship
Mentioned hereunder are some common 
types of innovation in entrepreneurship.
Architectural Innovation:
Architectural Innovation includes taking an 
approach, methodology or technology from 
one domain to another. It is also known as 
Recombinative Innovation.
This kind of innovation in entrepreneurship 
is pretty well-known. 
Radical Innovation:
Radical Innovation is what most crosses the 
mind of people when speaking of the types 
of innovation available in entrepreneurship.
This innovation includes the 
commencement of brand-new businesses 
and the employment of revolutionary 
technologies. Also, it is a comparatively rare 
kind of innovation attributed with enabling 
society to take valuable leaps ahead.
Incremental Innovation
The overriding majority of this type of 
innovation in entrepreneurship are 
incremental. Incremental Innovation 
occurs when a group of scanty and 
seemingly trivial improvements 
completes the large-scale organisational 
transformation.
Incremental Innovation is arguably the 
most convenient kind of innovation.
Disruptive Innovation
Generalised by the late Clayton 
Christensen, disruptive innovation in 
entrepreneurship happens when an 
innovation builds a radically new value 
interface. Businesses can accomplish this 
by creating an innovative market or 
entering an existing business; and 
transforming how customers communicate 
with their company.
How MIT ID Innovation Can 
Help Create Future 
Innovation Leaders
A growing company requires accurate 
guidance to gain a competitive edge in the 
market. It is the reason they keep looking 
for professional experts in innovation 
management. Given this increased 
demand, students are now fascinated to 
make a career in this field.
Hence if you are looking for a reputed 
educational institute to enrol yourself in 
various courses in innovation, MIT ID 
Innovation can be your perfect choice. 
MIT ID Innovation is a leading online 
educational platform where you can 
easily learn the fundamentals of 
innovation from our expert mentors to 
gain proficiency in this field.
Conclusion
MIT ID Innovation Programme curates 
knowledge and experiences that 
challenge the very paradigm of evolution. 
And that's why we have set out to define 
the future of industries, communities, 
cities and ecosystems. MIT ID Innovation 
offers the best 
Innovation Courses in Pune. 
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
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