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Unlike sustaining innovations, which focus on improving existing products for current customers, disruptive innovations address new customer needs or create entirely new markets. Examples include budget airlines transforming the travel industry and digital cameras overtaking traditional film.
So, step one : Major players will not be able to compete on short haul, but the new airline can’t handle all the demand on its own. Alternatively, Innovation Strategic Initiatives (those that need to be explored) are the hunting ground for innovation, which typically is what we call radicalinnovation.
He said the price for a ticket would rival that of an economy airline flight. The aim was to understand how Musk makes these radicalinnovations possible and how exactly he propels innovation. Less than 10% of all innovation falls under this category. Source: Freshminds.
Step one : Major players will not be able to compete on short-haul, but the new airline can’t handle all the demand on its own. This is what we call incremental innovation. The Innovation Strategic Initiatives are the hunting ground for new innovation, which typically is what we call radicalinnovation.
Innov8rs | If youve been around the innovation world for a while you probably came across the 70-20-10 golden rule for portfolio management. This 'rule' suggests that 70% of a company's resources need to go toward core-business innovation, 20% towards adjacent innovation and 10% towards disruptive or radicalinnovation.
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