The Power of Market-Creating Innovation

The Power of Market-Creating Innovation

Innovation is a commonly used buzzword, but it has lost a lot of value because of its ubiquity. What do we mean by innovation? What types of innovation are there? How can understanding the different types of innovation help us do better work?

Market-creating innovations transform complicated and expensive products into products that are simple and affordable so that many more people in society can have access to them. In doing so, these innovations create a new market because they target non-consumers.

Efosa Ojomo explains the critical role of market-creating innovations in not only serving as new growth engines for companies, but also as a foundation for sustained economic development of a region. Using theories and models developed by Professor Clayton Christensen and his team, Ojomo demonstrates how innovations that create new markets impact peoples’ lives, and challenges us to change how we think about innovation in our organizations.

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