What is breakthrough innovation?
Breakthrough innovation is an innovation from inside a company that pushes something to the next level. So, this innovation is when you bring something new to the world.
Breakthrough innovation is an essential concept in innovation strategy as it can demonstrate virtually all societal progress or real economic growth driven by disruptions.
It has a greater return on investment but with much more significant risks.
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Importance of Breakthrough Innovation Entrepreneurship
- Breakthrough innovation is a radical new approach that leaves the competition behind somehow.
- It can bring enormous opportunities for the business to reach the next growth cycle and deliver high business value.
- Breakthrough innovation is disruptive and changes your organization in many fields, making entire industries obsolete, as digital photography did to the film industry.
- Responding to the actual human need is the very goal of breakthrough innovation.
- This innovation is very risky, but you will get great chances and opportunities for new product lines or platforms to make this innovation happen.
How to develop breakthrough innovation?
Now that you have a greater understanding of this invention, the next apparent issue is how to put it into action. I’ll narrow it down into three simple steps.
- Choose the Appropriate Issue Or Potential –
Every game-changing invention begins with the solution to a market problem. If you’re aiming to reach this degree of creativity early on, a good rule of thumb is that people will think your proposal is nuts or, at the very least, excessively ambitious.
- Take Advantage of the Opportunity Through Innovation –
After identifying a suitable problem or opportunity, the following process is to solve it with a crucial breakthrough.
This breakthrough will serve as the foundation and base upon which you can develop your firm.
- Increase the impact of your innovation –
Years of focusing on building and ramping a business around advancement are always required before it leads to overcoming significant effects.
The lightbulb required an electricity network to become commonplace and enlighten towns and cities. Similarly, computers only became popular after hardware and software with a graphical interface made them affordable to the general public.
Some businesses, such as Tesla, prefer to encourage inventions independently.
Breakthrough Innovation Examples
The original iPhone is one of the most exemplary instances of technological breakthrough innovation. Apple created new demand by introducing an essentially new product to the market.
Blippar is revolutionary visual search software that identifies real-world things. Then, using augmented reality, they employ new content to bring them to life.
The software recognizes its surroundings using machine learning, yet another fantastic example of this technology.
The world’s first bagless vacuum cleaner created by Dyson is based on an existing business model. This approach is behind Dyson Cool, which is the company’s bladeless fan.
While producing a game-changing invention may appear straightforward in theory, it is everything but in practice! This breakthrough is not for the fainthearted.
If your executives or investors don’t understand how difficult disruptive technology is and how long it takes to see substantial returns, you’re in trouble. Your new ideas are unlikely to succeed, regardless if you have the essential talents.
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