Many years back, I was in the market for a new car. I knew of the Lexus brand but didn’t know much else about it. After I had spent time with Greg, the salesperson at the Lexus dealership outside of Boston, I learned a lot more. I came to know the differences between IS, ES, GS, LS, and RX models. After I had made my first Lexus purchase, the world was no longer the same for me. I had the ability to distinguish between Lexus models. Whereas earlier I looked at the L logo and knew it was a Lexus now I could make many more distinctions. I knew what was inside each car and what made it better or worse. I knew something about the personality of the driver driving that car.

Knowledge is power

The ability to make these distinctions gave me a power I didn’t have earlier. I could distinguish and make more connections on the road. As a car owner, driver, or a passenger I could see and do more due to that knowledge.  It is often said that knowledge is power. My Lexus knowledge did give me a new power.

As an innovator, you can get the same power over innovation by deepening your knowledge. By understanding different innovation typologies, you can make subtle distinctions between them. You can understand why some innovations exist in their individual context. This same distinction allows you to see why some innovations succeed and why others fail.

As an innovator, you can get the same power over innovation by deepening your knowledge

A typology is just a start of a fascinating journey toward becoming a more effective innovator. It gives you an absorptive capacity to make sense of the innovation world around you.

From knowledge to action

What good is knowledge of innovation typology if it doesn’t make you a better innovator. Can the knowledge of innovation typologies make you a better innovator?

The answer is a resounding yes.

When you understand the difference between radical and disruptive innovations, you can do more. It helps you understand that there are different challenges associated with each innovation type.  If you are responding to a radical innovation, this distinction will help your response. You will realize that radical innovations need technological capabilities more than anything else.

Ignorance of the difference between incremental and architectural innovations has led many companies to failure

By understanding the distinction between incremental and architectural innovations, you may save your business. This knowledge will help you know that they can appear similar, but they are two different beasts. Ignorance of the difference between incremental and architectural innovations has led many companies to failure. Several companies in the semiconductor photolithographic alignment industry had to exit because of this mistake. They continued to think that they just needed incremental innovations whereas the competition was using architectural innovations. Eventually this mistake turned fatal.

From one innovation to innovation portfolio

Business leaders need to not only respond to innovations but also need to manage innovation portfolios well.  The former helps you deal with threats whereas the latter helps you design a future for your business.

The knowledge of innovation typologies can help you manage your innovation portfolio better. This information will allow you to see the gaps in your portfolio. It will spur you to design appropriate innovations.

The knowledge of innovation typologies can help you manage your innovation portfolio better

For example, say all your innovations in the portfolio are incremental innovation in products. This may be a skewed portfolio that risks your business future. The knowledge of typologies will help you look for other innovation types. You will search for incremental process innovations, radical innovation, and business model innovations.

Becoming a better innovator

In short, the knowledge of innovation typologies will help you do three things better. It will help you:

• Become a better innovation portfolio manager
• Respond more effectively to emerging innovations.

• Design the right innovations

This knowledge will add tools to your arsenal as a highly effective innovator

Knowledge of innovation typologies will make you a powerful innovator because of these three reasons Click to Tweet

Have you printed the innovation typology infographic and posted it on a wall in your office yet? If not, the link to the infographic is here.