Schumpeter suggested that innovation - new products, methods of production, markets and sources of supply - were not caused by the business cycle, but a cause of change outside the business cycle.

At its most basic, innovation is the application of new potentially disruptive ideas, whether embodied in products, services, or work processes in organisation, management, financial or marketing systems.

A web search quickly reveals many types of innovation. However, the following have been of value to organisations we work with:

• Product (goods and services) Innovation
• Incremental Process Innovation
• Value Innovation
• Open Innovation
• Experience Innovation
• Management / Business Model Innovation

Whilst studying their Masters of Entrepreneurship and Innovation Mindwerx founders Bill Jarrard and Jennifer Goddard researched many types of innovation.

As a result we at Mindwerx don’t believe any one type of innovation or copying others is the answer to the development of your innovation strategy.

Instead we draw on research and experience to offer unique insights into types of innovation that best suit you and provide then you with practical creative thinking skills and the tools to help you realise your innovation strategy.

Innovation Vs Creativity