Innovation Mix
The balance of different types of innovations within a corporate portfolio.
Implications
The combination of different types of innovation, such as product, process, business model, or service innovation, used by a company to drive growth and competitive advantage, often requiring a balanced approach to explore new opportunities while optimizing existing capabilities.
Example
Example: A technology company develops an innovation mix that includes launching new software products, improving its manufacturing processes, and exploring new business models like subscription services to diversify its revenue streams.
Related Terms
Different from focusing solely on product innovation, which targets new offerings, an innovation mix considers a broader range of areas where innovation can occur, ensuring a more comprehensive approach to growth and competitiveness.
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