Radical innovation refers to the development and introduction of new products, services, or processes that fundamentally change the way things are done in an industry or market. These types of innovations often create new markets or disrupt existing ones, and can have a significant impact on the economy and society.
Examples of radical innovations include the invention of the personal computer, the development of the internet, and the introduction of the smartphone. These innovations have changed the way we live, work, and communicate, and have had a profound impact on the economy and society.
Radical innovations can be difficult to predict and often require a significant investment of time and resources to develop. However, the potential rewards can be significant, as companies that are successful in developing and commercializing radical innovations can achieve significant growth and market dominance.