Which type of innovation drastically changes an existing product or process into a new model?

The type of innovation that drastically changes an existing product or process into a new model is referred to as radical innovation. This kind of innovation introduces significant advancements that can transform an industry or market by fundamentally altering the way products or services are delivered or experienced. Radical innovation often involves new technologies or approaches that disrupt existing paradigms and create new standards, leading to entirely new capabilities or functionalities that were not previously possible.

Transformational innovation, while also impactful, generally refers to broader changes that enhance or redefine existing processes or products without always resulting in a completely new model. Incremental innovation focuses on small, continuous improvements rather than major shifts and does not fundamentally change the core model. Breakthrough innovation refers to high-level achievements that may not entirely change the underlying model but represent significant improvements or advances. Thus, radical innovation is the correct choice as it embodies the essence of dramatic change and overhaul of existing systems and models.