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Frequently Asked Questions
Here are some FAQs on Innovation Labs!
Most startups are born thanks to a disruptive idea that can change the way a market or an industry behaves. Innovation and perseverance are what drive startups like these to explore the possibilities of their disruptive idea, and their relatively short size and lifetime give them the flexibility to evolve and pivot with the circumstances.
Once these startups achieve an established position in the market and become full-blown companies, new startups will get the chance to start the cycle again. All of that shows us that innovation becomes difficult for companies when their own business model starts getting in the way of strategic transformation and agility.
That’s the reason why Innovation Labs have become such a popular choice for growing and established companies determined to stay relevant in the face of disruptive innovation. While innovation can be difficult, implementing an Innovation Lab with a strong team of talented and creative people is the best way to get on top of it.
They certainly do. Thousands of companies make use of Innovation Labs to keep up with trends and stay relevant in their market. Google, Amazon, Verizon, Volkswagen, Coca-Cola, Nike, Dell, HP, Microsoft, Visa, Sephora, Starbucks, and many others have been running their own Innovation Labs for years.
That said, every Innovation Lab is unique, and the way other companies use Innovation Labs might be very different from what would work best for your company. If you want to actually understand how an Innovation Lab could work out in your case, send us a message, and a BairesDev Innovation Specialist will get in touch with you right away.
There are many theories out there regarding the different types of innovation there are. From our perspective as a technology solutions company, we believe that there are four main types of innovation:
- Incremental Innovation: This is the most basic type of innovation and one that most companies run into just by doing their day-to-day operations. Incremental innovation means using your current technology and knowledge to generate added value within your current market. This includes things like adding new features to a product or simplifying a process to enhance the User Experience.
- Disruptive Innovation: Disruptive innovation is the type of innovation that impacts industries and markets most significantly and most frequently. Being disruptive implies making the most out of existing technology to seize new opportunities within your industry. In this day and age, disruptive innovation is what makes or breaks market-leading companies around the world.
- Architectural Innovation: Innovative advancements in one field can often inspire companies from an entirely different vertical to adopt new technologies and practices. This is what’s known as architectural innovation, and it’s one of the most reliable types of innovation there are. After all, it isn’t hard to argue that repurposing innovation from one industry to another carries less risk than starting from scratch.
- Radical Innovation: Finally, there is radical innovation. This is the most drastic type of innovation, as it involves creating whole new industries or markets thanks to the use of revolutionary technology. The smartphone, blockchain, and social media are all types of radical innovations that changed the world as we knew it.