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5 Distinct Forms of Innovation with Peter Balbus

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Peter Balbus, managing director of Pragmaxis, LLC discusses one of the fundamental questions that arises in discussions about innovation is: “How many distinct forms does innovation come in?” While there is no universal agreement on this point --- like most aspects of innovation -- there is a growing alignment among leading practitioners of innovation science around 5 distinct types of innovation: Product Innovation Process Innovation Technology Innovation Design Innovation Business Model Innovation While product and technology innovation generally steal the limelight in the “buzz” around innovation, many of the truly innovative breakthroughs that have occurred in the last hundred years have their roots in the less-hyped process, design and business model categories. Indeed, the most powerful breakthrough innovations are almost always ingenious combinations of two or more innovation types -- very often involving business model innovation.

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