What distinguishes radical innovation from other types of innovation?
There is a risk factor with radical innovation. This will make traditional companies skeptical of adopting radical innovation. How can that be changed? Could certain information be presented to appease any negative criticism?
Radical innovation is how disruptive your innovation is within the industry or that is how I perceive it. Other types of innovation include improvements on current products and services but are slightly different than what is currently in the market. The true radical innovation is totally disrupting the industry and adopting the new innovation as the norm.
There is lot of disruption going on, take any field, Health, Media, Government, Transportation. we can say radical innovations work but it also comes with a high degree of risk. Similarly, there's usually a high degree of resistance to it and a corresponding slow rate of adoption because of its disruptive nature. I am saying people are not comfortable with new innovations and technological disruption, because they have lost trust and faith in it and reason is mainly attack on Privacy and Security.
So, steps have to be taken to address lot of issues which create unhealthy disruption or radical innovation in any sector.
Radical Innovation should involve a new process that solves a new problem to thought about, gives customers something better or saves time, thus lowering the costs. It must solve an "itch" better than any other method available, and in doing so, makes other companies think about killing off their current way of doing things to adopt to the radical innovation or die a slow death.
Think of Tesla. Many people think its about an electric motor in a car. Tesla is not. It is a way of thinking about VEHICLES in a different light. No switches, everything updated over the air, autonomous driving, better driving by making the platform solid. Oh and its driven by electricity. Other car companies made the mistake thinking about a car with an electric motor. Its much much more.
Many people think Tesla is about creating Solar energy. (Its rooftop solar business) Tesla is not. It's about an end to end energy source that can be created by an individual and used in all aspects of life. Its making use of the energy in your car, in your house, in large energy installations in commercial applications. Its about applying energy created on rooftops and making easy to consume,
Tesla is radical innovation. Not an electric motor in a car or a solar collector on your roof. its all radical. Its all new and its all demanding change.
Radical innovation create products or services that change your industry for the better. Radical innovation depends on the collaboration and creativity of your staff and a willingness to work toward shared goals. Finding new ways to make innovations aligned with your goals that the customer will value enough to purchase.