Corporate innovation is the renewing of elements within corporations.
It aims to grow and sustain the business as a whole, be that by improving current processes or by searching for completely new business models. From a managerial perspective, We recognize different types of corporate innovation, such as sustaining innovation, startup innovation and basic research.
Business model innovation is creating a competitive advantage, by
altering current business models of a company, or by developing completely new business models to better satisfy the needs of customers. It is often driven by new technology, upcoming trends and changes in customer behaviour.
Is an organized system of principles, tools and KPIs established to gather, record, classify, analyze and present accurate and timely data about a company’s breakthrough and disruptive innovation efforts – working to complement the existing financial accounting system.
An innovation ecosystem can be defined as an environment of all the stakeholders of innovation combined with the essential elements that are required to create continuous innovation. The elements consist of an innovation thesis, innovation portfolio, innovation framework, innovation accounting and innovation practice.
The innovation strategy is the guideline in which a company wants to innovate, with the purpose of creating sustainable growth. This guideline consists of the innovation thesis and the innovation portfolio.