Innovation for Canada Startup Visa (I)

The Canada Startup Visa (SUV) requires the applicant to own and manage his innovative business in Canada.

What is Innovation?

Innovation is defined as the action or process of innovating, which typically involves introducing a new method, idea, product, etc. It’s about bringing about new ideas, methods, products, services, or solutions that have a significant positive impact and value. This process involves transforming creative concepts into tangible outcomes that improve efficiency, and effectiveness, or address unmet needs.

It can occur in various contexts, such as business, science, technology, social sectors, or public services, and can lead to economic growth, social progress, improved quality of life, and sustainable development.

Innovation can be classified in various ways, and here are some of the most common types:

1. Incremental Innovation: This is the most common form of innovation. It involves making small, gradual, and continuous improvements to existing products, services, or processes¹. These innovations may not create new markets or leverage radically new technology, but they can attract higher-paying customers by fulfilling identified needs¹.
2. Disruptive Innovation: This type of innovation occurs when well-defined skills are applied to ill-defined problems². It often involves creating a new market and value network, which eventually disrupts an existing market⁴.
3. Architectural Innovation: This involves taking the known components and applying them in a novel way⁴. For example, architectural innovation can occur in product development³.
4. Radical Innovation: This type of innovation involves creating revolutionary changes that transform industries⁴. It often involves the development of new technologies⁴.
5. Sustaining Innovation: This type of innovation occurs when well-defined problems are solved with well-defined skills². It’s about getting better at something the organization is already doing².
6. Breakthrough Innovation: This is needed when a well-defined problem is hard to solve. It often involves exploring unconventional skill domains².

Source(s):

1. Types of Innovation – The Ultimate Guide with Definitions and Examples

2. The 4 Types of Innovation and the Problems They Solve

3. Types of Innovation | Constant Contact Tech Blog

4. Exploring the Different Types of Innovation for Firm Competitive …