Product Innovation Vs Process InnovationJun 10
There are two kinds of innovations, product related innovation and process related innovation. Today I am going to explain what are the fundamental differences between both of them with the help of real life examples and how new innovators and entrepreneurs can better understand what type of innovation they actually require.
June 29, 2007 was the date when first ever iPhone was launched and it was technology beyond anyone’s imagination. The first iPhone was a marvel of new innovation and the product was so beyond its time that other competitors couldn’t even keep up with the technology and biggest cellphone maker of that tine NOKIA had to sell its operations to Microsoft because it was unable to keep up with the technological innovation the Apple has brought. At that time the new innovation was product related and every company in cellphone business had to adapt and evolve to new trends set by Apple. It took quite a while for other competitors to catchup with the technology of Apple and son after that process of incremental improvements started and haven’t stopped yet. This all was related to product innovation and Apple has clearly defined itself as a market leader in product innovation.