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Innovation, whether it's adopting a novel method or integrating new technology, invariably arouses risk and resistance. Yet, not adapting can lead to collapse. This framework, which has aptly defined innovations across the social and business sectors, is a guide for discerning what type of innovation to undertake and the rationale for embracing the risk. Respond to anticipated shocks to the sector or the region by changing your approach. Address weak infrastructure or offerings that are nearly obsolete by adopting or investing in new technology. INCREMENTAL (same approach, same technology) - Keep a pulse on your performance to regularly reveal and apply these low-risk improvements DISRUPTIVE (new approach, existing technology) - When adjusting your operations, recalibrate your skill sets or align with strategic partners RADICAL (same approach, new technology) - Adopting new tech in existing models requires educating users and stoking demand ARCHITECTURAL (new technology, new approach) - For a dual shift, cultivate new, adaptive capabilities across your departments, partners, and suppliers

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Type-casting Innovation: Matching Risk with Strategy

Bybsheba26 August 16, 2023

Discern the type of innovation needed and how to prepare for the jump