business innovation
Commercial breakthrough strategy
Business innovation is the introduction of new ideas, methods, products, or processes that create value for a company or its customers.
It ranges from incremental improvements to transformative changes: The startup's business innovation disrupted the entire industry.
Innovation may target products, services, operations, or business models themselves.
Companies often establish dedicated teams or departments to foster business innovation, though the term sometimes becomes corporate jargon for any change management initiative.
- blue sky thinkingUnrestricted imaginative brainstorming
- subscription modelRecurring payment arrangement
- prototypeFirst functional specimen
- minimum viable productSimplest testable market offering
- proof of conceptDemonstration of feasibility
automation · crowdsourcing · design thinking · circular economy · change management · revenue streams · corporate culture · commercialization · venture capital · data analytics · market research · disruptive technology · first mover advantage · value proposition · customer journey · pain point · Six Sigma · pivot
- business termsfranchising, revenue stream, board meeting, gross margin, markdown
business innovationstagnation
Absence of flow or progress
tradition · conservatism · status quo · business as usual · orthodoxy
business innovationatrophy
Wasting from disuse
stagnation · obsolescence · ossification · decline · fossilization
business innovationrisk aversion
Preference for certainty
playing it safe · defensive strategy · imitation · fear of failure
business, innovation, busily, busyness, businesses, innovate, innovates, innovated, innovating