Radical innovation is a transformative breakthrough in a business model, product, or business model that will create a substantial shift in industry or organization. This process involves developing various ideas, approaches, and concepts to challenge existing norms and make significant advancements. If you want to achieve radical innovation, it has a process that can vary depending on the type of organization or industry. But in this article, let us understand the fundamentals of radical innovation.
Radical Innovation Steps
The basic process of this innovation has eight essential steps. Let us briefly look at these steps:
- Opportunity Identification
The initial process will start with identifying innovative opportunities. This process begins with brainstorming sessions, customer insights, client collaborations, and marketing research. This step aims to discover unconventional ideas and identify opportunities for radical breakthroughs.
- Research and Development
Once you have identified the opportunities, it’s time to invest in research and development to determine the viability of the ideas. This step involves conducting in-depth research, testing, experimenting, and prototyping to collect the information.
- Resource Allocation
In radical innovation, it is essential to have various resources such as infrastructure, funding, and trained employees. It is crucial to allocate resources, and secure executive support is required, too. This process also involves creating innovation departments.
- Iterative Development
This innovation process is an iterative process involving various testing, refining, and defining processes. Once the work starts progressing, feedback from stakeholders and customers will help improve the design, functions, and overall market fit of the innovative production or development.
- Risk Management
It has risky chances since you are experimenting with things in this innovation process. So, you have to monitor each step constantly. Then, implementing extenuation strategies and then adjusting the process accordingly.
It is crucial to have collaboration with clients or partners since this help in accelerating the radical innovation process with the help of new technologies, specific knowledge and more.
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