Every organization needs to innovate. But what type of innovation to give priority to? This simple matrix with four types of innovation may help. Innovation basically means introducing something new (‘nova’). This “something new” can be anything and that’s where the problem starts. In two ways. - First, by an overemphasis on product (or service) innovation, thereby not giving enough attention to other types - Second, by getting overwhelmed by all the innovation opportunities that are out there. To solve both problems at the same time, it helps to gain some clarity on what types of innovation there are. To that end, I’ve created this simple 2x2 matrix containing what I think are the four most important types of innovation for every organization. Let me first explain the two axes. The first is the inward-outward axis. Outward-oriented innovations are those innovations that are mostly targeted at the market, at doing something new for customers. Inward-oriented innovations, on the other h...