Exploitation is a key concept in innovation, which involves using the resources of a firm to make incremental improvements. It typically involves identifying areas for improvement within existing products or processes, and then refining them in order to increase their efficiency or effectiveness.
This process can be used for everything from improving existing products to creating entirely new ones. By focusing on making small changes to an existing product, firms can reduce risks associated with launching a completely new product while still allowing them to reap the rewards of innovation. Exploitation also allows firms to leverage their current resources—such as personnel, technology, and data—to innovate faster and more effectively than they could by starting from scratch. Ultimately, exploitation helps companies save time and money while still producing innovative solutions that meet customer needs.
Using the current resources of the firm to improve innovations incrementally, by improving quality or efficiency. Is the opposite of exploration.
Related Keywords: Incremental Improvement, Leveraging Resources, Risk Reduction, Cost Savings