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New product innovation is happening all around us, every day. There have been many innovative products introduced over the years that we now find commonplace in our everyday lives. When they were introduced, however, they represented a significant improvement or introduced something completely new that forever changed the industry or market.
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In this article, we’ll examine new product innovation, how conversation intelligence can enable companies to innovate and deliver on what customers want and need, and review some of the most influential new product innovations in recent times.
Overcoming the barriers to product innovation
Many companies strive to be innovators. It certainly provides a competitive advantage, especially when no one else is doing it — yet. However, truly innovating isn’t as simple as it sounds.
While some entrepreneurs and founders have a light-bulb moment out of nowhere, in many cases, new product innovation results from a strategic process and continued analysis of the market, what customers want, what customers need, and what could be possible.
That’s why analyzing customer feedback across every interaction is key for effective product innovation. Your customers are sharing a goldmine of unsolicited feedback and information — if you know where to find it and how to leverage it.
Leveraging a conversation intelligence solution like CallMiner Eureka leverages artificial intelligence (AI) and machine learning (ML) to provide a deep understanding of your customers by determining the meaning of every interaction, from emails to phone calls, social media, chat, SMS, and more.
CallMiner Eureka transcribes, analyzes, categorizes, and scores interactions to reveal the intention and meaning behind what a customer says, as well as the sentiment and emotion that’s driving their behaviors. The unstructured information in these conversations, paired with structured metadata about the interaction, provides unique insights into what your customers want and need.
How we gathered these examples of new product innovation
To discover some of the most prominent and impactful examples of new product innovation, we reached out to a panel of entrepreneurs, startup founders, and business leaders and asked them to answer this question:
“What's your favorite example of new product innovation?”
Read on to learn what our panel had to say about their favorite examples of new product innovation.
Joseph Hill
Joseph Hill is the CEO of Classy Women Collection, an online fashion retailer known for its affordable and sustainable jewelry.
“My favorite example of new product innovation is…”
The Oura ring. Launched in 2015, the Oura ring is a sleek-looking titanium ring that provides its wearer with a lot of different health data and information.
What makes the Oura ring my favorite new product innovation? Its impressive health-tracking abilities combined with the ease of use and comfort sets it apart from its competitors.
The Oura ring uses advanced sensors and algorithms to provide accurate and reliable health data, such as sleep patterns, body temperature, heart rate, and activity levels, providing users with a comprehensive overview of their overall health and well-being.
Also, unlike other wearable health trackers, the Oura ring is compact and can be worn 24/7, making it easy to use and convenient to wear. This also means that it can track health metrics while the user is asleep.
Brandon Mackie
Brandon is the Co-Founder & CRO of Pickleheads.
“One of my favorite examples of new product innovation is…”
The development of self-healing materials. This technology has the potential to revolutionize a number of industries, from construction and architecture to consumer goods. Self-healing materials can be designed to automatically repair cracks and other damages caused by everyday use, without the need for manual intervention.
This is a big development for us in the pickleball community and other court-related sports. Self-healing materials will drastically improve the longevity of our outdoor courts by protecting them from weather extremes and regular wear and tear. They'll also lower the maintenance cost associated with having courts, so hopefully, more communities will see this as a better investment in the long term.
Matt Claes
Matt Claes is the Founder of Weight Loss Made Practical, a personal coaching company that helps busy people lose weight and keep it off.
“While it has been around for a nice number of years now, my favorite example of a new product innovation is…”
The Nest Learning Thermostat. This is basically a thermostat that implements self-learning AI technology to stop heating up your home when no one is around.
It is fair to say that older thermostat systems where you just set certain start and stop times are suboptimal. Because the daily routine of the average person does not run like clockwork, there is a lot of energy waste that comes with these older models.
The self-learning AI technology has been around longer than the Nest Learning Thermostat. However, actually applying this technology to thermostats at scale definitely deserves a mention in terms of product innovations.
Not sure if the #Google Nest Thermostat is right for your #smarthome? This article can help you decide. https://t.co/c6QelFT6WF pic.twitter.com/z8RmJ6Whn3
— Rebecca (@RealtyRebecca) May 31, 2023
Sean Stevens
Sean Stevens is the Director of ImmerseEducation. We empower motivated students from around the world with the knowledge and skills to succeed in their future by learning directly from experts in immersive environments.
“My favorite example of new product innovation is…”
The space-born dress shirt from the Ministry of Supply (MoS). The Ministry of Supply says that their products are Performance Professional Clothing for the Modern Man. Their products are centered on a single narrative: designing clothing that can keep us cool during our daily commute and toasty when we enter an air-conditioned office.
MoS shirts utilize phase-change materials (PCMs), the same technology used in NASA spacesuits, to remove your body heat when you're hot and return it when you're cold. However, the feats do not end there. In addition to odor control and dynamic stretch, their shirts are wrinkle-free. Never before have dress shirts been high-tech. MoS, however, provides you with a garment that makes you feel like a badass astronaut.
Brad Anderson
Brad Anderson is the Executive Director of FRUITION, 20 years of winning at Digital.
“My favorite example of new product innovation is…”
Lego, which is an example of how involving your customers generates value. Lego engages its consumers through its Create and Share and Lego Ideas websites.
The Create and Share website enables Lego enthusiasts to share their creations and images, while the Ideas website concentrates on new product releases.
If you offer products directly to consumers, you should solicit their assistance in designing products that satisfy their requirements. When consumers connect with you and tell you what they would like to see on store shelves, you will likely have ready demand and can save money on market research. Making their voices heard can aid in the development of a devoted following.
Ensure that you can execute some of the most popular ideas and communicate effectively enough for your customers to feel as though they have made a difference. Notably, the same user engagement method may not be as effective in other contexts, such as B2B environments with a smaller customer base.
Brooke Matthews
Brooke Matthews is the CMO at SurveyStance, helping companies collect feedback from customers and employees. She is a native Californian who loves family time and spending time at the beach.
“One of my favorite examples of new product innovation is…”
Smiley-based feedback kiosks.These feedback kiosks have evolved over the last 5 years and have expanded from the classic airport use case into shopping centers, hospitals, restaurants, and many other public places.
This product innovation is a great example of how companies are using technology to enhance the customer experience and unlock the voice of customers within more traditional brick-and-mortar locations to appeal to all generations. By leveraging the popularity of familiar emojis and making it fun, kiosks are tapping into a growing trend and meeting the demand of companies around the world.
Paige Arnof-Fenn
Paige Arnof-Fenn is the founder & CEO of global marketing and branding firm Mavens & Moguls based in Cambridge, MA. Her clients include Microsoft, Virgin, The New York Times Company, Colgate, venture-backed startups as well as non-profit organizations.
“Although it has been out for a few years, my favorite example of new product innovation is…”
The Dyson Air Wrap, an innovative twist on hair dryers. I have one, gave one to each niece (“best gift ever”) and another to a goddaughter (“cannot thank you enough wow”) as gifts and we all LOVE them!
It is so well designed, doesn’t get too hot, is relatively quiet, and does an amazing job. I cannot say enough about it; it is awesome. To have great hair days every day feels amazing.
For the cost of a few blowouts and no hassle scheduling, driving, parking, tipping, etc. it is TOTALLY worth it. Trust me, buy it now you’ll thank me later.
Brian Lee
Brian Lee is a highly regarded entrepreneur with an impressive background Lee was the Co-Founder and CEO of The Honest Co., and Co-Founder and President of LegalZoom.com. He is the Managing Director of BAM Ventures and has served in this capacity since 2017.
“My favorite example of new product innovation is…”
Holographic technology. It’s an amazing space that's forecasted to grow by more than $13 million over the next few years. Whether you're using it for teleconferencing, retail, or entertainment, you would not be able to tell the difference between the hologram and the people who are actually in the room.
The implications for retail are huge. While some brands already employ product holograms to catch customers' attention, they'll soon be able to create immersive experiences as this technology improves.
For example, imagine shopping in your favorite store and interacting in real-time with a celebrity who is thousands of miles away. Or seeing a legend like Michael Jackson perform again via hologram. It's an incredible tool to lure folks back to in-person shopping.
Michael Maximoff
Michael Maximoff is the Co-Founder and Managing Partner at Belkins.
“My favorite new product innovation has always been…”
The iPhone. As far as the 21st century is concerned, iPhone still stands as one of those amazingly innovative products that changed the century, and it absolutely changed my life ever since it came out.
Everything about iPhone was revolutionary, from the initial idea, the build, the presentation, and the things it did and offered that changed the world in the following years.
Ryan Rottman
Ryan is the Co-Founder and CEO of OSDB Sports. Ryan is an actor, producer and entrepreneur that attended Texas Tech University, majoring in business administration.
“There are few examples of inventions that have literally changed the way something has been done for nearly a millennia, and…”
This is what makes Amazon’s Kindle one of my favorite examples of new product innovations. New product inventions are generally updates to existing products, in which every few years alterations are made to one aspect or another to make it more user-friendly or effective, but changes are incremental.
Amazon’s introduction of the Kindle was a sea change in which you can store and categorize entire libraries of books on a single mobile device. In addition, it also simplified buying books as the device also serves as a point of purchase. Amazon’s Kindle is one of my favorite product innovations because not only does it increase convenience, but has literally changed the way we read text and accumulate knowledge.
Ryan Faber
Ryan Faber is the founder of Copymatic, a cutting-edge AI-powered platform that helps businesses create compelling and engaging content.
“Smartphones are my favorite innovation…”
Prior to cell phones, it was more difficult to maintain continual contact with clients and prospects when working in sales. Your capacity to communicate with your team or clients was constrained because using your phone required that you be physically seated at your workstation.
Since more people are using cell phones, I've discovered that it's simpler to stay in touch with my staff and clients, which has increased our revenue and strengthened our bonds. With a single device, you can make calls, check email, search for information on the web, find directions anywhere, and so much more!
Dan Hanley
Dan Hanley is the Sales & Marketing Director at Octane Accountants. Combining a decade of experience in B2B solution sales environments with an unrelenting appetite for creativity, Dan is thoroughly enjoying assisting Octane Accountants fulfill its growth objectives.
“I must bring wearable health and sleep trackers to the table…”
These arrived in 2009 as wrist-worn 'fitness accessories' that looked somewhat cool but failed to offer much beyond a semi-reliable heart rate reading, designed primarily for monitoring performance during workouts.
However, in this rapidly advancing and highly competitive market, we as the consumer, now have access to a wide range of highly intricate devices that can provide incredibly insightful, reliable data on all manner of health markers such as stress, sleep hygiene, resilience, heart rate variability and of course workout performance.
Critically, upon request, all this information can now be presented to the user over a 'longitudinal' period, meaning we can track our own health improvements over months, years, and decades. An amazing demonstration of continued innovation which I'd struggle to imagine myself without!
Not only that, but devices can now detect some emergencies by notifying the wearer of certain heart arrhythmias and calling the emergency services if they detect a fall, for example.
Dawson Smith
Dawson Smith is the co-founder of Happy Cats Home, a community of cat enthusiasts bringing together veterinarians, behaviorists, nutritionists, and seasoned product reviewers to give you top-notch information on all things cats.
“The healthcare industry has joined forces with technology to innovate ground-breaking products…”
The Withings Body Scan is one of them. People are always on the go and don’t even have enough time to make a trip to the hospital.
Routine check-ups have lost their importance. But this body scan helps keep a check on general health. It’s powered by sensors that monitor body composition, vascular age, and heart rate. Simply put, it supervises your heart’s condition so that you can take better care of yourself.
Withings unveiled Body Scan smart scale at CES 2022. The scale will be able to work with the company's smartwatch, app and other products to form a health monitoring ecosystem. #gigadgets #weight #keepfit #ces #scale #ces2022 pic.twitter.com/FjXMKg9RKy
— GiGadgets (@gigadgets_) January 7, 2022
Shannon Steinberg
Shannon Steinberg is the SEO Manager of Allied Van Lines, located in Fort Bragg, North Carolina, United States. One of the largest and oldest mover networks in the world, operating for over 85 years.
“Medical drones are my favorite new product innovation…”
They are not just fascinating but also fulfill a purpose. This innovation is used to deliver vital medications to patients living in difficult-to-reach parts of the world. These are called Zips, and they can carry blood, medicines, and vaccines to people in dire need.
All health workers or doctors have to do is send a text to the central distribution center regarding the medical supplies required. Within minutes, a drone will be loaded and dispatched. It travels at a speed of 100 kilometers per hour toward its destination, where a paper parachute is used to drop the supplies.
Jonathan Tian
Jonathan Tian is the co-founder of CreditYelp.
“My favorite example of new product innovation is…”
The treadmill. These training machines revolutionized how people work out and watch their heart health.
Treadmills are my favorite invention because they allow people to do cardiovascular exercises conveniently. For example, those who live in unsafe neighborhoods do not have to step outside their homes for their morning or evening runs.
Also, with a treadmill, people can still run even in extreme weather conditions. This convenience and the health benefits of running on a treadmill make it my favorite invention.
James Kilpatrick
James Kilpatrick is the ‘top bean’ (founder) at Beanie Coffee. Years of working in cafes have led him to look beyond the percolated coffee of his youth to a world of specialty blends and cold brews. On this blog, James provides in-depth guides and reviews on all things coffee to help other coffee enthusiasts.
“My favorite example of new product innovation is…”
The Impossible Burger. This plant-based burger patty is made to look, taste, and cook like beef.
The product innovation is in the use of novel ingredients and food science to create a product that can mimic the texture and flavor of meat while being entirely composed of plant-based ingredients. This breakthrough addresses growing concerns about the environmental impact of meat production and offers a more sustainable and ethical alternative to traditional meat-based products.
The Impossible Burger appeals to consumers who want to reduce their meat consumption without sacrificing taste and texture. The product contains soy protein, potato protein, coconut oil, and heme, a protein found in plants and animals that gives meat its distinct flavor and aroma.
The advantages of this food innovation go beyond the consumer because it addresses broader societal and environmental issues. Reduced meat demand may help to reduce greenhouse gas emissions, conserve water resources, and reduce the destruction of forests and other ecosystems associated with livestock production.
Overall, the Impossible Burger represents a successful product innovation that meets the needs and values of a growing segment of consumers who are seeking more sustainable and ethical food options. It demonstrates how science and technology can be used to create innovative products that can make a positive impact on the world.
Kurt Walker
Kurt Walker is a real estate expert and investor at Mill City Home Buyers.
One of my favorite innovative product examples in 2023 is…”
Tour Pro 2 by JBL. These are wireless earbuds that come with a smart case that has a 1.45-inch LCD touchscreen. It gives charging information to users without them having to connect it to a device.
The case also lets one adjust the volume and nose model. If you are working out in a gym, the noise model would be different compared to one that you would want at home.
It also allows you to manage calls and notifications. Most importantly, the earbuds are water-resistant and have an 8-hour battery life.
Susan Gagnon
Susan Gagnon is a Costume Designer, Fashion Blogger & the Editor-in-chief of Costumes Heaven.
“One of my favorite examples of innovative products is…”
BMW’s color-changing car iX Flow. This car has the technology to switch colors from white to black and vice versa. With just a click of a button, you can change the color according to your mood.
The mechanism behind this transition is electrophoretic film. Its outer body is equipped with tiny microcapsules that help switch colors. This technology is named E-ink by BMW.
Davin Joseph
Davin Joseph is the CEO of MyEnamelPins. They are a dependable and reputable pin manufacturer helping people promote their brand, make a fashion statement, or celebrate personal and professional milestones with their unique little custom pins.
“My favorite example of new product innovation is…”
The Adidas Boost technology. It was launched in 2013, and it revolutionized the world of athletic footwear. Adidas Boost utilizes a special cushioning foam that provides unparalleled energy return and comfort while allowing athletes to obtain dynamic performance across all surfaces.
The revolutionary cushioning foam is made up of thousands of TPU (thermoplastic polyurethane) energy capsules that store and unleash energy efficiently with every step or jump. The result is an improved running experience like never before. Athletes can get more out of their workouts with less fatigue on their feet and legs, thanks to the cushioning capabilities this unique material provides.
With its ultra-cushioned midsole that's 30% lighter than traditional EVA foam, Adidas Boost has quickly become one of the most popular technologies among professional athletes. The Boston Marathon was one notable event in which many participants opted for shoes featuring this innovative technology due to its lightweight, responsive dampening properties, pressure distribution characteristics across multiple time zones, and improved transition from heel strike to toe-off — all leading up to a better marathon experience overall!
Adidas pioneered this innovative approach and has already seen tremendous success with it, not just from sports professionals but also from regular consumers looking for lightweight yet comfortable footwear for everyday use. From trail running shoes to casual sneakers, Adidas' Boost Technology offers something for everyone who wants quality comfort along with exceptional performance at any speed or terrain.
George Harrison
George Harrison is the CEO of Pkgmaker.
“My favorite example of new product innovation is…”
The Tesla Powerwall. This revolutionary system stores energy from solar panels, allowing homeowners to access this renewable source of electricity on demand and reduce their reliance on traditional power grids.
The Powerwall can also monitor how much electricity your home consumes, helping you manage usage more effectively. In addition, it's capable of providing backup power in case of outages.
Not only do these features make it incredibly useful for residential homes, but they can be especially beneficial for those living off the grid or in remote locations where access to reliable power may not always be available. All this makes the Tesla Powerwall a remarkable example of how new technology can drastically improve our lives.
Rodney Warner
Rodney Warner is the CEO of the full-service marketing & web design agency Connective.
“My favorite new product innovation is…”
Shirts by the Ministry of Supply. These shirts are described as ‘Performance Professional Apparel for the Modern Man.’ They help keep us cool during our daily commute and warm whenever we enter an air-conditioned room.
The Ministry of Supply makes use of phase change materials (PCMs), the same ones used by NASA for their spacesuits. It gives MoS shirts the ability to take away the heat from our bodies when we're feeling hot and give it back to us when we’re cold, giving them the moniker of ‘space shirts.’
Will Ward
Will is the founder and CEO of Industry Arabic, a translation company that offers a comprehensive selection of Arabic language services.
“My favorite new product innovation is…”
The use of AI in email — particularly the option to smart schedule an email to have it arrive in someone’s inbox at the time they’re usually active for correspondence. It’s so helpful for me and my team, who all operate remotely, and with global partners. It makes sure our internal and external communications hit inboxes when they’re most likely to be seen.
Miles Walker
Miles Walker is the Founder of CarAudioWise.com, a website dedicated to helping car audio enthusiasts find the best information and products for their needs.
“Here are two of my favorite examples of new product innovation…”
Wrinkle-free suits: The J Crew Ludlow Traveler Suit is a modest product made to address a basic issue: it is a suit that stays wrinkle-free throughout your travels, enabling the wearer to go right from the bus, train, or airplane to a meeting without changing. The suit is made of Italian three-ply wool.
Plants from pencils: Consider what generally happens when you use a pen or pencil. Where does it go when it reaches the end of its life? In the garbage, where it will probably wind up in a landfill or be burned, producing greenhouse gases that contribute to climate change.
An international company called Sprout Pencil creates pencils that you can plant after use to grow into a variety of plants and flowers. All you have to do is use these pencils, and when they get too small to use, plant them.
Nebojsa Savicic
Nebojsa is the co-founder of Plainly, a tool that allows business owners, marketers, and salespeople to automate and personalize video content. Pick a video template, connect it to your data, and create thousands of videos on autopilot.
“We live in an era where you have new and exciting products and innovations popping up left and right every day, but…”
I would like to point out an example that is a bit older: Airbnb. What started as two guys renting out an air mattress with complimentary breakfast in a spare room of their apartment escalated to disrupting the hotel industry worldwide and completely changed the travel market.
The company now has over 7 million listings in over 200 countries in a short span of just 16 years. Airbnb is a perfect example of how you can revolutionize the market in the travel industry with just an idea if you implement that idea successfully.
Asker Ahmed
Asker Ahmed founded iProcess in 2004 when he and his team envisioned a clinical trial management solution that would connect sponsors from the United States, Canada, and Europe to the best research sites and investigators around the world.
“One of the biggest innovations has to be…”
The creation of the Metaverse. Just the name sounds like something from the future. And it will be the future for marketing.
With the development of the Metaverse, new opportunities for marketing have arisen. Whether it’s providing users with the opportunity to try products before purchasing with the use of augmented reality (AR) or advertising virtually, marketing has more options than ever before.
With younger generations becoming more technologically savvy, it’s important that marketing strategies for this demographic be developed. This strategy will definitely require interactive content and a position in the Metaverse.
Harry Morton
Harry is the founder of The Lower Street, a podcast production agency that has worked with notable names like Pepsico and Booking.com.
“My preferred innovations are those that are diverse enough to solve problems across the board…”
These kinds of progressive innovations not only make an impact during that time but also set the tone for the next ones to come.
Tech innovations like ChatGPT have set the bar high concerning understanding and producing texts. While this can tackle the communication requirements of numerous industries other aspects like visual, auditory, and more may follow suit.
Robert Lang
Robert is the Director of Sales at Vivint.Security, Vivint Authorised Dealer — a leading provider of smart home and alarm systems for over two decades.
“My favorite new product innovations are…”
Anything that adds to a larger goal. Protecting the earth with eco-friendly initiatives and innovations has become a priority among most industries. Energy and resources have become valuable, and any innovations that prioritize their value always have long-term potential.
Some innovations from my industry that have knocked the ball out of the park by being aligned with a larger purpose include smart irrigation systems by CloudRain, solar panels with a smart monitoring system by Shunya, smart home energy management by Emporia, and more.
When a product can be innovative by itself and seamlessly integrate or work towards a larger goal, it usually captures my attention and finds its place among my favorites.
Kellie K. Middleton, MD/MPH
Dr. Kellie K. Middleton is a physician specializing in shoulder, elbow, and knee injuries while treating general sports and orthopedic injuries.
“In terms of new product innovation, my favorite example is…”
The wearables market. Wearable technology has revolutionized the health and wellness industry by allowing users to track their heart rate, exercise level, sleep patterns, and nutrition intake.
Wearable devices such as Fitbit and Apple Watch feature advanced features that provide valuable data which can be used to improve overall health and performance. For instance, Fitbit offers detailed feedback on sleep quality and quantity, while the Apple Watch provides a comprehensive Activity App that allows users to track progress in terms of calories burned, exercise time and intensity.
Moreover, wearable technology has enabled healthcare providers to better monitor patient health remotely. By leveraging this data, medical professionals can determine when and where certain interventions are necessary.
This technology has opened the door for improved health outcomes by providing rapid feedback and data analysis that can be used to optimize a user’s health. This new product innovation is revolutionizing how we look at health, fitness, and wellness.
Arthur Worsley
Arthur Worsley is the Founder of The Art of Living, a website that helps top performers lead happier, more balanced lives.
“The Oculus Rift tops my list of favorite new product innovations…”
It’s a virtual reality headset that was initially developed for gaming but has since expanded into other areas such as education, training, and therapy. The device consists of a head-mounted display with a high-resolution screen and motion-tracking sensors that detect the user's movements and translate them into the virtual environment.
In the beginning, the Oculus Rift was a massively disruptive force in the gaming industry, offering an immersive, 360-degree experience that was unparalleled by traditional console or PC gaming. Players could now fully immerse themselves in the game world, interacting with the environment in new and exciting ways.
The Oculus Rift has now expanded into other industries and is revolutionizing them as well. For instance, in education, this headset is being used to create immersive learning experiences that allow students to explore historical sites, learn about complex scientific concepts, and practice hands-on skills in a safe and controlled environment.
In training, the Oculus Rift has been used to simulate dangerous or high-stress situations such as emergency response training, military simulations, or flight simulators. It allows trainees to gain extremely valuable experience in a realistic, yet safe environment.
When it comes to therapy, the Oculus Rift is being used to treat patients with anxiety disorders, PTSD, and other mental health conditions. The device can create immersive environments that help patients confront and overcome their fears or anxieties in a controlled and safe setting.
Ana Ro
Ana Ro is the founder and chief editor of Design Ideas Guide, an online interior design and home decor website that curates the latest trends in functional and stylish home design ideas.
“My favorite example of new product innovation is…”
FLOR carpets and rugs. FLOR is a company that creates carbon-neutral rugs with responsibly sourced materials. FLOR is using materials that have sequestered carbon from the atmosphere to create the world's first carbon-negative area rugs.
Their environmentally friendly rugs, designed with sustainability in mind, look beautiful in the home. This is an innovative product that invites us to be responsible with our choices so we can reverse the effects of climate change.
Alexandre Robicquet
Alexandre Robicquet is CEO and co-founder of Crossing Minds. He holds two Master’s degrees from ENS Paris Saclay in Mathematics and Machine Learning and has since received a third in Artificial Intelligence. He has also held two 4-year positions as a researcher under Sebastian Thrun, the founder of Google X, and Silvio Savarese.
“Samsung’s new Eco Remote is an incredible example of modern technological innovation…”
Made from recycled materials, the remote is a true green-tech wonder, able to be charged via solar energy or through radio waves. Included with all Samsung TVs throughout 2022, the remote is estimated to save over 99 million batteries from being improperly disposed of. This kind of sustainable efficiency and thoughtfulness in design is exactly what the future needs.
Nikolay Iliev
Nikolay Iliev is the founder and developer of the VAT Calculator App. The VAT Calculator is a downloadable app developed to help consumers and businesses calculate their tax rates worldwide.
“One of the best product innovations I've seen so far this year is the…”
SiPhox Home. Basically, SiPhox Health developed a lab-grade diagnostic solution consumers can easily use in the comforts of their homes.
One of the things that make this an excellent product innovation is its way of revolutionizing at-home blood testing. Self-testing kits are usually inaccurate, and they don't usually reveal other underlying health conditions.
SiPhox Home, however, is designed to measure an individual's metabolism, heart health, hormones, and many more. Despite being available for investigational use only, I personally think that it's a huge product innovation, especially in the healthcare industry.
Jack Underwood
Jack is the co-founder & CEO of Circuit, a delivery routing and tracking SaaS.
“The Kindle Scribe takes a well-established product…”
And adds new, innovative features that increase users' value. The display is better than previous versions with a 300ppi paperwhite display that prevents any glare, and the stylus pen allows you to handwrite notes quickly.
I love the idea of writing quick notes on books I’m reading, but the stylus also makes this a fantastic work or study companion to jot down quick notes during class or meetings. Since the use cases for eReaders have always been limited, it’s awesome to see them extend outside the world of reading into more utilitarian, real-world applications.
Yehor Melnykov
Yehor Melnykov is the CEO of Lawrina.
“ChatGPT is already ubiquitous…”
But yes, I am honestly thrilled by this one, but not because of the product itself.
OpenAI's technology is beyond inspiring. Instead of providing us with just a single product, they have created something that can be harnessed and used across multiple industries and fields — technology. And this is unlocking endless potential!
It just blew my mind, the whole tech market, and I can say the world as well. So, this is definitely my favorite product innovation of this season.
Technology is advancing at a rapid pace, and new product innovations are entering the market every day. Smart companies leverage solutions like CallMiner Eureka to mine customer interactions for unrivaled intelligence gathered from a variety of channels.
With CallMiner Eureka, teams gain a deeper understanding of their customers and derive insights that power product development and innovation that will not only satisfy but delight and impress them.
Frequently asked questions
Examples of new product innovation are all around us. Here are a few notable examples:
- Electric vehicles: The introduction of electric vehicles (EVs) is a significant innovation in the automotive industry. Companies like Tesla, Nissan, and Chevrolet have developed electric cars that offer environmentally friendly transportation alternatives.
- Smartphones: Smartphones were a game-changer when first introduced, and they’ve only continued to get more innovative with every iteration. Today, some manufacturers are making smartphones with foldable displays, giving users a larger screen when needed but in a compact size they can still put in their pocket.
- Virtual reality headsets: VR headsets first emerged in the gaming industry, developed by companies like Oculus and HTC. These headsets allow users to immerse themselves in a virtual world and interact with the digital environment.
- 3D printers: 3D printers are a recent product innovation that supports rapid prototyping and small-scale manufacturing. These machines layer materials to create three-dimensional objects. With 3D printers, users can create customized items ranging from toys to medical devices.
- Voice-activated home assistants: Voice-activated home assistants like Amazon Echo with Alexa and Google Home with Google Assistant are now commonplace. Leveraging artificial intelligence (AI), these devices can provide information, control smart home devices, play music, and perform various tasks. Many users find home assistants to be convenient additions to their homes and lifestyles.
- Wearable health devices: Devices like fitness trackers, smartwatches, and continuous glucose monitors have become popular in recent years. These wearables can monitor various health parameters, provide personalized insights, and encourage users to adopt healthier habits.
There are several methodologies to categorize innovation. One such methodology groups innovations into four primary types:
- Incremental innovation: The most common form of innovation, incremental innovation leverages existing technology and adds value to the customer within the existing market. Typically consisting of small changes in processes, methods, systems, services, or products, incremental innovation often happens organically and evolves over time.
One good example of incremental innovation is the constant upgrades and improvements that we see in smartphones, such as increasing camera quality, improving battery life, or enhancing the user interface.
- Disruptive innovation: When you think about startup companies, you’re thinking of disruptive innovation. This type of innovation creates new markets and value networks, eventually disrupting the existing ones.
Netflix is a good example of disruptive innovation; it’s something the company has achieved twice. Initially, Netflix was a mail-order service that disrupted the video rental industry. Later, Netflix disrupted the television industry by introducing on-demand streaming.
- Radical innovation: When you think of innovation in general, radical innovation is the type of innovation that likely comes to mind. It involves creating revolutionary technology or never-before-seen ideas. It often leads to the creation of new businesses or industries.
The invention of the internet is a good example of radical innovation, as it brought about an entirely new way of sharing and accessing information.
- Architectural innovation: This type of innovation happens when existing components are used while the core product or process is changed. In other words, architectural innovation is leveraging lessons, skills, and technology and applying them within a different market.
Toyota took existing technologies in the automotive industry and combined them in a new and unique way, creating hybrid vehicles, such as the Toyota Prius.
The technologies weren't new, but the way they were combined and the new use case for them was.
The 4 P’s of innovation is a framework for classifying innovation as one of four primary types:
- Product innovation: This is what most people think of when they hear the word 'innovation.' It's the introduction of a new product or a significant change in an existing product.
- Process innovation: This refers to the implementation of a brand-new or significantly improved production or delivery method. It often results in better efficiency, productivity, or quality.
- Position innovation: This involves introducing existing products or services to new markets or market segments, or repositioning them for new uses or users.
- Paradigm innovation: This type of innovation involves a change in the underlying mental models on which the company is based. Paradigm innovation can involve shifts in technology, or it can be driven by factors such as regulatory changes or changes in perceived user needs.
