Modular innovation is something that refers to a change ‘inside’ the product. It means that the product or innovation does not change the outlook or formation but certain parts are changed inside it to enhance its capability. For instance a computer, a system might possess 256 MB of memory. In order to enhance the memory, it is not necessary to change the computer but to only replace the small sized one with a new innovative bigger memory.
Complex technical systems which are large in size and nature tend to perform vital functions of the society, are considered as innovative too. Service innovation is one another type considering the change in delivering services. An ATM machine can be prove the innovation here since earlier it was only the bank where a customer can withdraw its money, today the ATM machine has reduced the hassle to rush in to the banks, thus providing an innovative service to the customer which gives him/her the ease of withdrawing at anytime (Dodgson, 2000).
Appropriately related factors like policies of the federal government also play a vital part in determining the innovation procedures. In the fields of energy for instance, the government is supposed to permit the firms that carry out researches and extract information that help them in innovating anything untouched yet.
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