Importance of Incremental Innovation in Technology Industry

0Running head: INCREMENTAL INNOVATION
Creativity and Business Wealth

1INCREMENTAL INNOVATION
Table of Contents
Importance of Incremental Innovation in Technology Industry................................................2
Process of Innovation.............................................................................................................2
Apple Incorporation in Technology Industry.........................................................................3
Difference between Incremental and Radical Innovation......................................................4
Importance of Incremental Innovation...................................................................................5
References..................................................................................................................................8

2INCREMENTAL INNOVATION
Importance of Incremental Innovation in Technology Industry
Innovation is a procedure of converting creative ideas into reality to improve existing
product, service and process. In recent years, the role of innovation has grown substantially,
and corporation uses it to gain competitive advantage and sustain their development in the
market. Experts argue the importance of incremental innovation when compared to radical
breakthroughs or ‘eureka’ movements in innovation. The role of incremental innovation is
significant in the technology industry, and many corporations use it to increase their market
share. This essay will examine the importance and process of innovation in the technology
industry by focusing on Apple Incorporation. Apple is an American international corporation
that provides its services through more than 467 stores in 17 countries. The essay will discuss
the role of ‘eureka’ movements or radical breakthroughs in innovations and compare it with
incremental innovation. Further, the essay will analyse the difference between radical and
incremental innovation, and evaluate the importance of incremental innovation for Apple
Incorporation and Technology industry.
Baregheh, Rowley, and Sambrook (2009) stated that innovation could be defined as a multi-
stage process in which creative ideas regarding new and improved products, services or
process are transformed into reality by an organisation, with an objective to compete and gain
a competitive advantage to become successful in the market. Many people consider that
innovation is about big leaps forward, radical breakthrough ideas and ‘eureka’ moments that
completely change a process, product or service. But, experts give more importance to
incremental innovation which is focused on small innovative improvements rather than
radical overhauls (Ambrosino, 2014). In small and medium corporations, the role of
innovative products, services or processes has increased in the past few years. As per the
research of Statistics Canada, innovation is the key characteristic of successful small and
medium firms. These corporations continuously innovate, they achieve strong growth due to
such innovations, and they gain market share and increase their profitability through new
innovations (Statisrics Canada, 2017).
Process of Innovation
Steve jobs stated that innovation differentiates a leader from a follower; the entrepreneurs
that create new ideas and successfully transform them into reality become better leaders
(Woo, 2013). The process of innovation requires critical analysis of product, procedure or