Evaluating The Implications Of A Transformation Innovation

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Evaluating and Assessing the Implications of a Transformation Innovation In today’s dynamic business world, it is not enough for businesses to respond to the current customers and internal organizational issues. In order for businesses to survive, they must be able to anticipate and evaluate existing and emerging trends and develop ideas, products and services that respond to those trends. However, failing to identify and respond to trends can put the business at the risk of losing the existing customer base because innovation often determines who will be the market leader and who will be living on the margin of the market. Further, Innovation can be divided in to three main types, that are incremental, substantial and transformational.…show more content…
Also, new value proposition, assets and competencies are introduced as a result of a transformational innovation. Examples of transformational innovation may include the invention of compact disc (CD), automobiles and the business model of Dell computers. In order to fully understand the differences among the three types of innovation, one must be aware that in general the impact of substantial innovation is 10 times the impact of incremental innovation and the impact of transformational innovation is 10 times the impact of substantial innovation. The case in hand is mainly concerned with transformational innovation and shades light on three industries and what changes may accrue if a radical innovation was introduced within those industries. The industries under study are banking industry with Zopa as an innovative plyer, the car battery industry with EEStor as an innovative plyer and media buying and planning industry with NextMedium as an innovative plyer. In my analysis, I will discuss the impact that each of those innovation on the industries in which they operate, what other industries may be impacted by them and where are those companies today. Zopa- Peer-to-Peer Lending Launched in the UK in 2005. Zopa brands itself as the oldest Peer-to-Peer leading company in the world. This fact gives an idea about the breakthrough that that this business model accomplished
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