When it comes to innovation, it is an integral part of almost every business. Entrepreneurs are generally expected to carve a new niche in the market and attract consumers in different ways in order to achieve their desired goal, which may be to gain maximum market share. Likewise, the path to a successful business is about bringing in new ideas to keep operations, products and services up to date, while innovation is about bringing those thoughts and ideas into reality. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay Now here is a question: how is this possible? Yes, it takes time and effort, but what entrepreneurs need to do is apply these ideas to the actual product or service they plan to produce. Recently, different types of innovation have been discussed in detail by very experienced professors. I will mention these types so that anyone who is passionate about starting their own business can have a clear path to do what they want and observe what is affordable within their budget and what suits them. OPEN: This was created by Henry Chesbrough who is one of the most renowned professors at the University of California. He believes that open innovation is applied when companies use both internal and external ideas in order to advance the production process. He believes that both ideas play an important role in advancing technology. If done the right way, it reduces costs, speeds time to market, increases market differentiation, and creates new sources of return. DISRUPTIVE: This was discovered by professor, author and entrepreneur Clay Christensen. This happens when new products or services start at the bottom of the market but gradually, over time, displace their competitors. This type of innovation prioritizes simplicity, adequacy, usability and affordability. However, the complications are slightly relatively high when using the product in a simpler way. Examples of disruptive innovations might include replacing a cooler with a refrigerator. However, one must keep in mind that the products are not much encouraged at first, but over time they end up improving the original designs and gaining traction among customers. INCREMENTAL: This is one of the types in which companies make small changes to products. , keeping in mind the interests of consumers so that they occupy a leading position in the market. Companies don't completely change the product. For example, car manufacturers are constantly updating with new features and technologies. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a Custom EssayBREAKTHROUGH: They are often developed by different research and development teams. These are the most complex of all because they involve new technology and therefore the risk factor is very high. Example may include rapid change of internet and transistors.