Product Innovation entails developing new products or improving existing ones to expand their applications. Here are a few examples of product innovators who shine best in the business world. To know more details, visit us at : https://mitidinnovation.com/recreation/product-innovation-examples-what-can-we-learn-from-them/

1. Product Innovation
Examples – What Can We
Learn From Them
MITID Innovation

2. Product Innovation entails developing
new products or improving existing ones
to expand their applications. This
innovation can come in the form of new
technology or in the functioning of the
product itself. Some of the best product
innovation examples are Samsung and
Apple.

3. Here are a few examples of product
innovators who shine best in the business
world.
Product Innovation Examples

4. Samsung has been named one of the
most innovative large corporations in the
world, despite the fact that it has been
linked to multiple plagiarism convictions.
Partnerships generally aim to add new
features or connections to Samsung's
existing products.
Samsung – Diverse Type of
Collaboration

5. These ventures not only generate cash in
the event of exits, but they also give
Samsung access to new technologies that
it may study and benefit from. Samsung,
as a product innovation example, has
invested in Mobeam, a mobile payment
startup.

6. Samsung hopes to profit from the wide
range of technologies that smaller
businesses have previously developed by
cooperating with them. These companies
frequently have products that complement
or integrate Samsung's own, providing value
to both parties.
The critical takeaway from the Samsung
case is that different types of firms give
different opportunities at different times of
their lives.

7. Another example of how involving your
consumers adds value is Lego. Lego uses
its Create and Share site and the Lego
Ideas site to engage its users. The Create
and Share site allows Lego fans to share
their creations and Lego photos, while the
Ideas site focuses on new product
releases.
Lego – Creating New Products
Based on Community Ideas

8. If you sell products directly to customers, try
to engage them in helping you design
products that meet their needs.
When people connect and tell you what
they'd want to see on store shelves, you're
likely to have ready demand and can save
money on market research.

9. Making their voices known can help them
develop a loyal following. Just make sure
you can implement some of the most
popular ideas and communicate effectively
enough for your customers to feel like they
made a difference.
It's worth noting that the same user
activation strategy could not function as
well in other situations, such as B2B
setups with a smaller customer base.

10. Open source development is something
that is rarely associated with open
innovation. The goal of open source
software development is usually to provide
free products to which anybody can
contribute.
Mozilla – Motivating The
Community

11. Mozilla is an excellent example of open-
source software development in this
manner. The Firefox web browser, created
by Mozilla's global community of coders
and other experts, is their product. Mozilla
has been in the vanguard of this type of
product creation, and the work is done by
Mozilla's community, which includes both
volunteers and paid workers.

12. Volunteering at Mozilla is appealing
because it provides a valuable learning
opportunity, as well as the opportunity to
be a part of a community and participate in
Mozilla activities.
The value of cultivating a community is
something we can learn from Mozilla. It's
also worthwhile to learn from open source
communities, as there are several
examples of the benefits of open
innovation communities.

13. Skilled individuals join Mozilla's
communities to learn, gain experience,
meet new people, contribute to the
product, and possibly be recruited at some
point in the future. They appear to have all
of their community offerings in order. So,
These are 3 product innovation
examples; is the best in the business
world.

14. The MIT ID Innovation is India's best-
known institution for innovation-related
courses. The institute was formed to foster
the development of a new era of
comprehensive innovators. The ultimate
goal is to empower students to shine with
the best innovative minds.

15. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Design Thinking and
Innovation Courses in Pune.
Conclusion

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