Radical innovation disregarding key principles, creating new methods and starting a new cycle of the company. Radical innovation aims to bring a company to the transformation and change of its existing products and services. That happens in order to make them more attractive, innovative and to create a new market for those new products or services.
The company has to be predisposed to leave its comfort zone and to be willing to risk standing out for the change and the non-follow-up of the "status quo". This change will have a major impact throughout the organization, culture and strategy of the company, redefining its objectives and focus on which it operates.
This suggests that a greater support of top managers in the innovation process is necessary to initiate and sustain radical departures from the past for that organization This type of innovation is a long-term goal, 5 to 10 years that aims, for example, to lead the company to the role of pioneer in a given market and increase its profit.
Example of Radical Innovation
The Apple brand, which today has great power in the market, is known by all of us and considered one of the most sophisticated brands of electronic and technological products.
One of its most marketed products is a great example of radical innovation, the iPhone. “The iPhone was not new technology – its software and interface were derived from the iPod, an existing Apple technology. It was the iPhone’s computer capacity that was the real radical innovation.” The idea of Steve jobs ( an American inventor and entrepreneur who had quite prominence in the computer area ) founded in 2007 (release date of the first iPhone ) revolutionized the way consumers dealt with a simple mobile phone, making the iPhone a laptop computer species, allowing full access to real-time communication by consumers.
Another good example of radical innovation mentioned by Forbes, In 2012 , a tractor company began equipping their tractors with sensors, so farmers, could track and monitor their yields. Innovating by technology, John Deere, "one of the biggest manufacturers of farming equipment" managed to bring the technology to this area in order to give farmers a new vision of farm industry. Changing the farm industry and the way it is seen.
Specifically, radical processes, (…) are significantly promoted by an aggressive technology policy and the concentration of technical specialists.
Nowadays , it is increasingly fundamental for companies to keep up with market developments as if these companies become outdated they will not be able to meet the needs of their consumers. Thus, in order to maintain their place in the market and to achieve more and more impact, companies constantly need to innovate. In most cases technology is part of this innovation, having an increasing impact on changes in a company and on the habits of consumers, since nowadays technological development is a factor of distinction and competitiveness in the market.
A company that uses this type of "innovation" demonstrates to its consumers a capacity to adapt and to risk and does not engage with existing products, thus having more loyal consumers.
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Author: Maria Luís