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According to the slides (Lynch 2016), there are five forms of innovation.1) Market Extension Innovation. It aims at developing both new products and new services to support existing clients and markets, introducing new services, and facilitating product and/or technological adoption.2) Process Innovation. It is aimed at simplifying and accelerating process, making them more accurate, reliable, integrated but less expensive.3) Technical Innovation (Invention). It is aimed at creating new products or developing them with new technologies.4) Product Innovation. It is aimed at continuously improving projects by making them more efficient and effective, useful and user friendly, integrated with other existing products and technologies, and valuable to users.5) System Solutions. It is aimed at re-evaluating and integrating the already existent systems to solve sophisticated customer issues.Apart from the above listed ways to innovate, companies may capitalize on the collaboration investments. In particular, this can be achieved through making joint investments into the highly unified communications such as video, chat, voice software as well as teleconferencing suites. Thanks to such initiatives, workers can collaborate more efficiently and effectively between multiple firms and within a single firm. This therefore increases the collective output of the industry and considerably cuts the costs. The economies on costs of innovation that occur thanks to collaboration may be even greater provided that the investments are compatible with the various business models used by the firms. Lynch (2016) mentions that the sales increase thanks to the collaborative endeavours can be as high as 20-30 %. This increase is based on such powers as 1) increased flow of innovation, 2) shortened time to market, 3) greater synergy among service providers, 4) synchronization of internal and external operations, and 5) decrease in the unnecessary work that does not add value.ReferenceRobert Porter Lynch. 2016. Engines of Innovation. Retrieved on January 28, 2016 from …
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