ABSTRACT
This chapter aims to elaborate on the differences and how they fit into a greater framework for understanding innovation. In order to understand the differences between the different approaches to innovation, a more intimate understanding of what innovation is and the different ways it manifests itself is needed. The burden of knowledge required for higher levels of innovation makes it clear that there is a trade-off between frequency, consistency, and impact. Traditional approaches to innovation assiduously focus on the development of technology as a means of novelty and invention. In particular, organizations must understand the chief differences between traditional innovation efforts and the effects of the Lean Innovation Cycle. Traditional approaches to innovation also come with a certain amount of risk. As an example, one place where internal or process innovation is most prominent is within the world of supply-chain management.
