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With a discovery or invention happening every day, the chances of not landing on an already used idea are pretty unlikely. People make as many efforts as possible to build a product, service, or solution that is distinctive. Nonetheless, the task of innovation can be tough to achieve, and companies have to turn towards the employees of their entire company and sometimes external sources too. The term used for such a phenomenon is Open Innovation. Read ahead to find out about open innovation in-depth.

Radical Innovation is the type of innovation that leads to significant change and replacement in existing business models/ideas/services. It is an irrelevant factor in business norms yet revolutionary throughout humanity, and predominantly in modern times, it focuses on long-term impacts by forming new ideas. On the other hand, disruptive innovations are identical to some degree, with the term ‘significant impact’ being shared on both ends.

The industry has gone through several transformations, from resource-centric to budget-centric to finally customer-centric when it comes to digital transformation services. Every firm has undergone a substantial transformation due to changing end-user preferences and increased demand for product experience. As a result, regardless of region, sector, legal restrictions, or other considerations, the corporate climate has begun to change toward digitization.

The survival of any business calls for meeting the new and ever-changing demands of clients and customers. Thus there is a constant need for being inventive and different. As a business owner, one needs to be constantly aware of the rising changes that exist in the business environment. Thus arises the need for having creative and innovative thinking.

The open innovation model first came into light in 2003 when Henry Chesbrough introduced it to the world. Chesbrough felt the need to diversify knowledge and perspectives within a firm and use this to help innovate new dynamics. This model brought a unique stir in firms and companies, and the vibrations of the stir still reside in the worldwide market.

A technological innovation system explains the rate and quality of technological change. It is a part of the bigger theoretical school, the Innovation system approach. Technological change is the process of invention, innovation, and diffusion of a newly-developed technology or gadget. Knowing and understanding its rate falls under the system of technological innovation.

Systems Innovation is the restructuring of social, economic, and technological systems. The term has been floating around for a while vaguely but is gaining more prominence. It is not just about a specific aspect or end product but the whole system which needs to be improved or replaced. New ideas and innovative methods of accomplishing new tasks and challenges are most important.

A successful business calls for both creativity and innovation. For all to work well, one needs to ensure that both are well incorporated in the process of business making. Both require the inclusion of new thoughts, processes and ideas to make an impact on a venture. Both play a crucial role in the success of every business. Creativity alone is incomplete without innovation and vice versa.

Over the past century, we have observed a leap in medical advances: from novel drug discoveries and diagnostics to the digitalization of various health services. However, there is still a lag in delivering these outstanding innovations to the more marginalized section of the world. And to bridge the gap between healthcare advances and individuals in need, the WHO introduced the social innovation in healthcare initiative in 2014. But, what is social innovation, and how does it help our concern for healthcare advancement? Let’s find out.

Famous architect, inventor, designer, and developer of the geodesic dome R. Buckminster Fuller once said that we need to build new models that render existing models obsolete to change something. A multitude of crises plagues today’s world––climate change, food insecurity, pandemics, poverty, and many more––and so radical solutions that go against the grain of convention and bring about positive change have become the need of the hour. This is where social innovation in entrepreneurship can be a vital tool.