When we talk about innovation, we are referring to the creation or modification of a product and its introduction onto the market. From the invention of the wheel to the latest advances in medicine or technology, innovation goes hand in hand with the growth of civilizations.
If we take this concept to the business world, innovation has the aim of evolving to provide effective solutions and improve the quality of life of customers and society in general. Therefore, the application of innovation can give one an advantage over competition. It is currently more necessary than ever, as we live in a changing world where it is essential to constantly adapt to new environments and the urgent demands of consumers.
In this regard, the classification of innovation is important when it comes to strategy and process, as it determines where the organization is innovating (in the business model, in the final product, in the manufacturing process, etc.). To delve deeper into this concept, let's have a look at the main types of innovation that exist. The Oslo Manual on innovation explains the different types of innovation. This guide orients the scientific and technological activities that are considered innovative and classifies them according to their objective and degree of change.