A) According to the course literature; Innovation is the process of inventing new ideas which are then transform into products and services as well as business models and taken to market (Tidd & Bessant, 2013). Innovation can be categorized as either incremental or radical depending on their characteristics. The characteristics of incremental innovation are that:_they are been developed on an existing body of knowledge and _is a step-by-step (linear progression) improvements of an existing innovations (products, services and methods) and _quicker decision making process.
Radical innovation on the other hand are been considered to be discontinuous and nonlinear that is:_developed on a new knowledge, new technology breakthrough in the market …show more content…
When comparing the risk involved in innovation, incremental innovations have a lesser risk than that of radical innovations this is because with incremental innovation it is easier and cheaper for the …show more content…
The introduction of mobile ticketing or electronic bill is fastly replacing the development of paper ticketing or paper bill causing some companies who have built their core activities around paper ticketing seeking for strategies to cope such threat either by investing large amount of resources in R&D to develop knowledge to sustain and not get disrupted or create external collaboration. I see this innovation radical in the sense that, it is a new idea generated and it is a breakthrough in the market to help reducing environmental pollution and to make it convenient for people to pay their bills since majority companies have connected their payment systems to the internet and the world is fighting global warming. Mobile Ticketing helps to reduce the long waiting time standing on a queue to enter a cinema or a stadium. In addition, there is a large contextual discrepancies between mobile and paper ticketings_ even though there are the same tickets but the platform or medium of ticketing are different making the idea very new in the
Radical innovation on the other hand are been considered to be discontinuous and nonlinear that is:_developed on a new knowledge, new technology breakthrough in the market …show more content…
When comparing the risk involved in innovation, incremental innovations have a lesser risk than that of radical innovations this is because with incremental innovation it is easier and cheaper for the …show more content…
The introduction of mobile ticketing or electronic bill is fastly replacing the development of paper ticketing or paper bill causing some companies who have built their core activities around paper ticketing seeking for strategies to cope such threat either by investing large amount of resources in R&D to develop knowledge to sustain and not get disrupted or create external collaboration. I see this innovation radical in the sense that, it is a new idea generated and it is a breakthrough in the market to help reducing environmental pollution and to make it convenient for people to pay their bills since majority companies have connected their payment systems to the internet and the world is fighting global warming. Mobile Ticketing helps to reduce the long waiting time standing on a queue to enter a cinema or a stadium. In addition, there is a large contextual discrepancies between mobile and paper ticketings_ even though there are the same tickets but the platform or medium of ticketing are different making the idea very new in the