002: What Are The Four Types of Innovation? - a podcast by AMD LAW Group: Brand Protection Lawyers

In this episode, we discuss the four types of innovation: 1. Sustaining Innovation 2. Breakthrough Innovation 3. Basic Research 4. Disruptive Innovation Also, learn about the story of the "Other Moe". Our lead-off quote: You can't allow tradition to get in the way of innovation. There's a need to respect the past, but it's a mistake to revere your past. ~Bob Iger, Disney CEO Central theme: Keep research at the center of your innovation. Knowing the type of innovation you are working with goes a long way in making sure that you have the resources that you need to be successful.

Download this episode 

 

TRANSCRIPTION

Hello and welcome to the IS MY BRAND PROTECTED? podcast. I am your host Aurelia Mitchell Durant for today. Today we're going to discuss innovation. Just a bit of recap in the last episode we discuss taking your ideas to innovation. In this episode, we will discuss the four types of innovation. One breakthrough innovation to sustaining innovation. Three basic research and for disruptive innovation can lead off with a quote from Bob Iger the CEO of Disney. You cannot allow tradition to get in the way of innovation. There's a need to respect the past but it's a mistake to revere your past. The best innovators have knowledge of the past but look forward to the future. They know that the future is so bright that we all have to wear sheets. One of my favorite tech clients Kimberly Broomer introduced me to the story of the other male from the Manny Moe and Jack of Pep Boys automotive service empire Pep Boys was founded in 1921 by four naval buddies who saw that there was a future in auto supplies. The buddies gathered up eight hundred dollars to open their very first store in Philadelphia Pennsylvania. The timing could not be more perfect since vehicle ownership was on the rise and there was destined to be a need for auto supplies. There were four buddies two of which were named Moe. The innovative vision was accurate but one of the most cashed out before the breakthrough. He is known as the other Moe never to be heard of again. It might be folklore but the story is an example of sustaining innovation sustaining innovation is where most innovation happens because we are often seeking a better way to do what we are already doing. Are were seeking to improve on existing capabilities or see what problems need to be solved and get about the business of solving them.

: Think about design theory and research and development labs for example. Second is breakthrough innovation and this is where we solve a really hard or super complex problem. This is where we become innovation mavericks. Third is basic research. Basic research is not just for large companies small and mid-sized companies can participate in federally funded research programs to assist those visionaries that may lack technical or scientific expertise. And the fourth is disruptive innovation. This throws out the conventional notion of best practices and seeks to uncover technological shifts and changes in the marketplace. I was in technology sales in the early 1990s for Bell Atlantic known today as Verizon. We were in a sales meeting about provisioning high capacity data services into residential locations. The demand was high because the big thing was connecting computers together. This was before AOL and Yahoo. Your neighbors were your ISP or Internet service providers. Our sales director said We don't know what's going to happen with this Internet thing and we don't know if it's all going to work out but let's just sell them what they want. Who knew that the Internet would become such a lifeline and disrupt the way we share information forever. The takeaway is to keep research at the center of your innovation. Knowing the type of innovation you're working with goes a long way in making sure that you have the resources you need to be successful. Thank you for listening to this episode of The is my brand protected podcast. Be sure to subscribe and visit us on the web at www.amdlawgroup.com Safeguarding your dreams by protecting your brand.

Further episodes of The Is My Brand Protected? Podcast

Further podcasts by AMD LAW Group: Brand Protection Lawyers

Website of AMD LAW Group: Brand Protection Lawyers