Our recent world is full of examples of innovation, Especially in business. Some companies adapted the innovation thinking by creating new products or services or markets. While others adapted it by updating something known so it is exciting again.
Examples of Innovation in Business
1- The iPhone
One of the best-cited examples of breakthrough innovation on the tech front is the first iPhone. By harnessing new technology, Apple was able to bring a fundamentally new product to market, creating new demand in the process.
Microsoft has also rethought its business model to develop a breakthrough innovation in the form of Office 365. This saw the company go from selling its Office suite as a product, paid for on a one-off basis, to offer it as a monthly or annual subscription.
The company re-envisioned the business model surrounding driving through its subscription service which allows members to rent a nearby car by the day or by the hour. A radical shift away from the existing car ownership and car rental business models, Zipcar is a true example of breakthrough innovation.
Snapchat brought photo sharing forward into the modern age and brought back a real interest in photos and communicating through photos. They were successful because they incorporated the social element and added ways to edit the pictures and add things to them that made it even more fun for their audience. They also brought the photo-sharing concept into the digital online age and made it interactive.
Slack brought chat rooms back and made them more productive by highlighting their usefulness for teams. Today you would be hard-pressed to find a company not using Slack, or at least someone from the company not active in a Slack community.
Another great example of innovation on the technology front is Blippar, a ground-breaking visual search app that recognizes objects in the real world and then uses augmented reality to bring them to life through fresh content. The app uses machine learning to recognize its environment and has been named one of the most innovative companies in tech.
7- Dollar Shave Club
One of the examples of breakthrough innovation which is a subscription-based business which delivers fresh razors to its members every four weeks for as little as a dollar a month. Rethinking the business model surrounding shaving has proved to be lucrative: The Dollar Shave Club now has 3.2 million members.