Managers who want to create new and innovative value do so with the set of tools and techniques available to them. However, to be successful at innovation, you need to know precisely what you are setting out to do and pick the right approach that can get you there. Your innovation efforts could fail before you even start if the techniques you use don’t match up to the desired outcomes.

When you innovate, you are trying to do one of two things, you are either improving something (Incremental Innovation) or you are creating a brand-new experience (Transformational Innovation). Each form of innovation requires going down a fundamentally different path, and it is essential to understand the differences between the two and what you need to do to be successful at each.