ENTREPRENEURSHIP

Detailed explanation-1: -Technological innovations, such as personal computer and the internet are examples of radical innovations that have transformed the way the entire world functions and communicates.

Detailed explanation-2: -Radical innovation has been around almost as long as there are people on the planet. Examples include the invention of the wheel, modern farming equipment in today’s farming industry, and of course the washing machine. All these examples were at one point in time a new technology, which could change our lives forever.

Detailed explanation-3: -Radical innovation is an invention that destroys or supplants an existing business model. Unlike architectural or incremental innovation, radical innovation blows up the existing system or process and replaces it with something entirely new.

Detailed explanation-4: -Disruptive innovation is an idea that improves upon an existing market by exceeding the needs of a customer base, eventually displacing the old market. Radical innovation destroys the current market and value network, creating an entirely new one.

Detailed explanation-5: -The internet, the horseless carriage, GPSs, and digital encoding of music and video technology were radical innovations resulting in the development of new markets. Incremental innovations. involve smaller improvements in ideas, products, services, and processes.