Types of New Services

Major or radical innovations

Since most radical innovations emerge from Internet based technologies, Smart Parking
Limited is an organization that provides solutions for parking operators. The product they sell
is called SmartSpot and it comes with SmartSpot units that function using the Internet of
Things. The system provides several sensors that indicate individuals free parking places by a
message sent on their mobile phone. The huge amount of data is stored in the SmartCloud.
At the moment, this application is available in Australia, New Zealand and United Kingdom.

Start-up businesses

Start-up businesses refer mainly to new services for a market that contains products that meet
the same generic need. In this case, a good example of such a service is the mobile application
for online transactions released by BCR. The application is called George and it is addressed
mainly to young people and mostly to people who are tech savy. The application has a
friendly interface and provides solutions for people who are busy and want to manage their
banking transactions in the most efficient and less time consuming manner. In this sense, the
application allows users to open new bank accounts, to manage transactions between accounts
and also the payment of several bills, and also comes with several advantages regarding other
bank related products, such as credit cards or credits for personal use.