What is Innovation Management?

Disruptive innovations are those that involve making bolder changes that carry more risk but also the possibility of more lucrative returns. Due to the greater risks involved, larger enterprises often neglect disruptive innovation – leaving themselves vulnerable to smaller startups who are able to specialize in disruptive features. Despite the higher level of uncertainty associated with disruptive innovation, it is sometimes necessary in order to secure the long-term viability of a company. A great example of self-disrupting innovation in action can be seen in Philip Morris International – one of the world’s largest cigarette producers that is investing heavily in innovation to create a smoke-free future.