Platform innovation is about seeking out extensions to the current business, and anticipating and leading changes of significant impact. The platform innovation is defined as one that leads to the practical application of fundamental innovations. Such innovations normally are launching pads for a new industry.

Features: longer cycle times; the quality and success of the new offering is the key driver of advantage; customer feedback is iterative.

→ Systemic Innovation: 7 Areas

→ New Product Development: 10 Best Practices

Derivative or incremental innovations are slight modifications of the main product. Derivative innovation is a secondary technology, process, product or service derived from a platform innovation. It is about continuous improvement and quick response to external events.

Features: focus on a specific segment of customers; immediate customer feedback; rapid cycle times; time to market is the key driver of advantage.

Radical innovation, also known as revolutionary, breakthrough or disruptive innovation, helps create a new market and value network, and eventually disrupts an existing market and value network displacing an earlier technology. It is about radical changes to the current business, capabilities or markets. It lets a technology or product reach a new frontier.

→ Surprise To Win: 3 Strategies

Features: dramatic change in the behavior of people and in the system currently in place; experimentation-based; measured by the range and quality of disruptive options before the leadership team.