Since man’s early beginnings, the entrepreneur has taken on many different roles and characters to address the various needs of the marketplace while helping to improve the society in which they live. One of these roles is that of the innovator. The entrepreneur/innovator exploits new concepts and methods leading to the birth of new products, services, or processes. However, their more important contribution is in the actual introduction of these innovations in the market.
In other words, the entrepreneurs' creations eventually result in new products, services, or processes that add value or enhance the quality of life which benefits people and society as a whole.
Four major types of Innovation:
- Product Innovation – pertains to the creation or introduction of new or considerably improved products or services.
- Process Innovation – refers to the development or creation of a new or a greatly improved delivery or production methods.
- Supply Chain Innovation – happens when innovators implement or introduce a system or device that significantly improves the chain of processes from raw materials to finished products.
- Marketing Innovation – means the discovery and implementation of new marketing methods that highlight improvements in promotion, packaging, product-design, or pricing. It reflects how a specific industry is adapting and changing in the face of new technology and communication media. This type of innovation is aimed at retention of existing customers as well as attraction of new customers.