These Are the Different Types of Innovation - Rest Nova Site

These Are the Different Types of Innovation

These Are the Different Types of Innovation

We live in an era of new and exciting technology that evolves almost too quickly to process. Sometimes, it feels like everyone is an inventor!

Innovation looks different from industry to industry, even if a lot of it runs through people’s phones. Let’s check out some of the different types of innovation having success in specific industries.

Real Estate

More and more, thought leaders in the real estate industry are utilizing proprietary technology to streamline different processes in real estate transactions.

Nobul, for example, is a digital platform created by Regan McGee that analyzes millions of real estate transactions and lets home buyers benefit from levels of unprecedented transparency. Instead of waltzing into a realtor’s office hoping to find a great agent, you can sit back and have agents compete for your business.

When real estate agents need to vie for your business, they offer incentives like cash back or additional services. Leading real estate technology platforms help homebuyers ask better questions about the purchasing process, so they don’t learn costly mistakes after it’s too late and the deal is done.

In today’s era, there’s no reason not to leverage all the information there is, especially when there are algorithms to do the hard processing work for you. Don’t make the mistake of going it alone! Lean on innovative platforms that make home buying more affordable and easier.

Transportation

Ride-share companies like Uber let ordinary people become chauffeurs for people wealthy enough to afford rides everywhere. The cost of rides has sharply risen as companies struggle to find enough drivers to keep up with the number of passengers in the regions where they operate.

But this model has undoubtedly created the blueprint for technological “innovation,” as companies in other sectors look to achieve Uber’s level of dominance and disruption. However, the best and most efficient form of transportation is still public transit or walking because they are far less costly from the perspective of social infrastructure.

Restaurants and Grocery Stores

Some innovation happens at the business model level. During the worst of the pandemic, restaurants had to make a significant pivot when indoor dining was forbidden.

So many began to sell groceries or things like meal kits. Whatever had to be done to stay in business, that’s what restaurant owners did. Some of the changes were only temporary, while others are likely to be long-term and permanent.

For example, restaurants could legally sell bottles of wine unavailable from the LCBO, allowing customers to get unique drinks at home for a fraction of the price they’d pay if they were dining in the restaurant itself.

Wine might be one of the oldest and quintessential signs of civilization, but innovation is changing how people drink it today.

Innovation happens at many levels, from improvements in technology that add convenience and are better for the environment, disrupting the business model of certain industries, to changing how people consume food and beverages. If you see a ripe opportunity to update or change something fundamental in your industry, do it. You’re likely to rise to the top of your industry, and because you’re innovating, you’ll be all alone at the peak.