Companies need to innovate. Innovate their processes, procedures, products and marketing. But how is this done, where can this happen.
We look at the 4 different categories of innovation that will give you a reference to work from in your business.

The four categories are:
Market Pull Innovation: A problem exists and is identified in a system or market. People get together to address this problem. This is solved either by using new technology or by reinventing the current processes or products. This results in a new solution that can be implemented and sold.
Technology Push Innovation: After much research and development a new technology breakthrough is achieved. This brings a new concept product offering to the market. The problem it solves is then identified to the market sectors and the product sold to address this new found problem.
Frugal Innovation: With a current system or process, the question is asked about improvement and how to do more with less. This results in cost saving, a positive environmental impact, and improved efficiency.
Marketing Innovation: The marketing for a product or service needs to reach a new breakthrough for either a new or existing product. The marketing is developed to address the market in a new and innovative manner resulting in deeper market penetration and improved sales.
What can your business do to be innovative in your current processes, procedures or new product ideas?