Page 20 - MICROHUB Handbook - ENGLISH

INNOVATION

ANYTHING'S POSSIBLE IF YOU'VE GOT ENOUGH NERVE

If you are a micro businessman and you are still

doing the same things, offering the same service or
same product over and over again, you are missing

out on opportunities. That is why you should be
innovative.
“Innovation is the process of creating value by

applying novel solutions to meaningful problems.”

There are four different types of innovation you
can get inspired with:

Disruptive innovation:
Disruptive innovation refers to using innovation and technology to

disrupt an already existing market, bringing a high-end product to a
regular user. It is usually seen in big companies. Take for example Ford

Motors. Ford didn't invent the car itself. But in 1913, they designed the
first moving assembly line (new technology), allowing cars to be mass-

produced and affordable to all, thus disrupting the whole automobile
market. The most common disruptor is in fact start-ups, as they can take
the advantage of some overlooked segments of the market and bring a

novel, more affordable solution.

Incremental innovation:
Incremental innovation is basically improvement of an already existing

product. It represents smaller risk and smaller change to the status quo.
An example of the incremental innovation is Cherry Coke by Coca-Cola –

they simply added a new flavour to an already existing product and it
paid off.

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