In order to build a portfolio of innovations – and have a strong causative relationship between innovation and allocated resources – there may be a variety of innovations. Depending upon the primary responsibility for managing innovation and key steps in the innovation process, there include the following innovation types: business model, managerial, process, service and product. Of these types of innovation, business model is critical as it sets the direction and the approach of a corporation. Managerial innovation relates to innovative approaches to managing people, technology and resources. Process innovation implies a revolutionary improvement to, or re-engineering of, an existing activity. Service innovation means developing new ways to deliver services or creating new services altogether. Product innovation involves creating products that offer new capabilities for significant economic payoff.