As far as innovation is concerned, it is an integral part of almost every business. Entrepreneurs are usually expected to carve a new niche in the market and attract consumers in different ways so as to achieve the desired goal which may be to gain maximum market share. Likewise, the path to a successful business is to bring new ideas to keep operations, products and services fresh, while innovation is to bring these thoughts and ideas into reality. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Now comes the question: How could this be possible? Yes, it takes time and effort, but what entrepreneurs need to do is apply these ideas to the actual product or service they are thinking of producing. Recently different types of innovation have been discussed in detail by highly experienced professors. I will mention these types so that anyone who is passionate about starting their own business can have a clear path to do what they want and observe what is affordable in their budget and what suits them. OPEN: This was designed by Henry Chesbrough who is one of the most renowned professors at the University of California. He believes that open innovation is applied when companies use both internal and external ideas to advance the production process. He believes both ideas play an important role in the advancement of technology. When done right, it increases cost reduction potential, accelerates time to market, increases differentiation in the market and creates new streams of returns. DISRUPTIVE: This was discovered by professor, author and entrepreneur Clay Christensen. This occurs when new products or services start at the bottom of the market but gradually, over time, replace competitors. This type of innovation prioritizes simplicity, suitability, ease of use and affordability. However, the complications are slightly relatively high since you are carrying the product in a simpler way. Examples of disruptive innovation may include the refrigerator replacing the ice chest. However, you need to keep in mind that the products are not very encouraged in the beginning, but over time they improve the original designs and catch on among customers. INCREMENTAL: This is one of those cases where companies make small changes to their products. , keeping in mind the interests of consumers to occupy a prominent position in the market. Companies do not completely change the product, for example car companies are constantly updated with new features and technologies. Please note: this is just an example. Get a custom paper from our expert writers now. Get a custom essayBREAKTHROUGH: They are often developed by different research and development teams. They are the most complicated of all as they involve new technologies, so the risk factor is very high. An example may include a rapid change in the Internet and transistors.