(2) Lesson 1: Introduction to Innovation Flashcards
the process and outcome of creating something new
innovation
successfully implementing a new idea and creating value for your customers and stakeholders
innovation
innovation involves:
- plan for an improved product or service
- updated method for running your operations
- be a new business model
- can touch on any part of your business
to involve the capacity to quickly adopting new things to products, process, strategies, organization
innovation
entrepreneurship only needs to involve:
commercialization
managing or running something principally for financial gain
commercialization
entrepreneurship with innovation involves the whole process of:
- opportunity identification
- idealization/invention to develop
- prototyping
- production marketing and sales
former Finance Minister of German-Austria
Joseph Schumpeter
“innovation comes about through new combinations made by an entrepreneur , resulting in: _____, _____, _____, _____, and _____.
- Joseph Schumpeter
- new product
- new process
- market opening
- new way of organization (organizing) a business
- new sources of supply
“Innovation comes about through new combinations made by an entrepreneur , resulting in: new product, new process, market opening, new way of organization a business, and new sources of supply.”
Joseph Schumpeter
the use of the imagination or original ideas, especially in the production of an artistic work
creativity
tendency to generate or recognize ideas, alternatives, or possibilities
creativity
creativity is useful in:
- solving problems
- communicating with others
- shines light on new opportunities
a society that has lost touch with its _____ is an _____, in that generations of people may be _____
- creative side
- imprisoned society
- closed minded
Assistant Vice President of BDC Innovation
Adam Gutman
“Some people think that creativity and innovation are synonyms. They are not. Creativity means coming up with a new idea. Innovation is taking this novel idea, and solving customer pain points and creating value.”
Adam Gutman
coming up with a new idea
creativity
taking the novel idea, and solving customer pain points and creating value
innovation
three dimensions of innovation
- product or services
- process
- strategy
a dimension of innovation which refers to the outcome of an idea
product or services
a dimension of innovation which refers to the way of an outcome of idea
process
a dimension of innovation which refers to the medium of the way of outcome of an idea
strategy
drivers of innovation
- financial pressure
- increased competition
- shorter product life cycle
- value migration
- stricter regulation
- demographic, social, and market changes
- expectations regarding service and quality
- changing economy
a driver of innovation which means to reduce costs and increase efficiency
financial pressure
a driver of innovation which means to stand out among others
increased competition
a driver of innovation which means to set new standard
shorter product life cycle
a driver of innovation which means to discern what a customer needs
value migration
a driver of innovation which means how to pass the regulation
stricter regulation
a driver of innovation which means to pair up with the current economy
changing economy
issues and problems in rise of innovation
- more focused on science and technology
- product of well-identified research
- university-industry partnerships
greater emphasis on commercializing scientific discoveries, especially in information technology and bio-sciences
more focused on science and technology
speed and potential value of scientific progress leads to emphasis on solid and well designed portfolios of research projects
product of well identified research
universities as active drivers of innovation: academic entrepreneurship and entrepreneurial university
university-industry partnerships
a technopreneur and the author of “The Startup Owners Manual”
Steve Blank
“Failing to involve customers and their feedback from literally the first day of startup’s life.”
Steve Blank
“Get out of the building and talk to the only folks who matter- your customers.”
Steve Blank
two main goals as an innovator
- market validation
- technical validation
main goal as an innovator that involves customers, investors, and sponsors
market validation
main goal as an innovator that involves specifications, testing, and production
technical validation
what is the customer development model
- customer discovery
- customer validation
- customer creation
- company building
customer discovery involves:
- state your hypothesis
- test “problem” hypothesis
- test “product” hypothesis
- verify
customer validation involves:
- get ready to sell
- sell to “earlyvangelists”
- develop positioning
- verify
customer creation involves:
- getting ready
- position
- launch
- create demand
company building involves:
- mainstream customers
- management/culture
- functional departments
- fast response departments
