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Technopreneurship > (2) Lesson 1: Introduction to Innovation > Flashcards

(2) Lesson 1: Introduction to Innovation Flashcards

1
Q

the process and outcome of creating something new

A

innovation

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2
Q

successfully implementing a new idea and creating value for your customers and stakeholders

A

innovation

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3
Q

innovation involves:

A
  • 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
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4
Q

to involve the capacity to quickly adopting new things to products, process, strategies, organization

A

innovation

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5
Q

entrepreneurship only needs to involve:

A

commercialization

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6
Q

managing or running something principally for financial gain

A

commercialization

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7
Q

entrepreneurship with innovation involves the whole process of:

A
  • opportunity identification
  • idealization/invention to develop
  • prototyping
  • production marketing and sales
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8
Q

former Finance Minister of German-Austria

A

Joseph Schumpeter

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9
Q

“innovation comes about through new combinations made by an entrepreneur , resulting in: _____, _____, _____, _____, and _____.
- Joseph Schumpeter

A
  • new product
  • new process
  • market opening
  • new way of organization (organizing) a business
  • new sources of supply
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10
Q

“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.”

A

Joseph Schumpeter

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11
Q

the use of the imagination or original ideas, especially in the production of an artistic work

A

creativity

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12
Q

tendency to generate or recognize ideas, alternatives, or possibilities

A

creativity

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13
Q

creativity is useful in:

A
  • solving problems
  • communicating with others
  • shines light on new opportunities
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14
Q

a society that has lost touch with its _____ is an _____, in that generations of people may be _____

A
  • creative side
  • imprisoned society
  • closed minded
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15
Q

Assistant Vice President of BDC Innovation

A

Adam Gutman

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16
Q

“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.”

A

Adam Gutman

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17
Q

coming up with a new idea

A

creativity

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18
Q

taking the novel idea, and solving customer pain points and creating value

A

innovation

19
Q

three dimensions of innovation

A
  • product or services
  • process
  • strategy
20
Q

a dimension of innovation which refers to the outcome of an idea

A

product or services

21
Q

a dimension of innovation which refers to the way of an outcome of idea

A

process

22
Q

a dimension of innovation which refers to the medium of the way of outcome of an idea

A

strategy

23
Q

drivers of innovation

A
  • financial pressure
  • increased competition
  • shorter product life cycle
  • value migration
  • stricter regulation
  • demographic, social, and market changes
  • expectations regarding service and quality
  • changing economy
24
Q

a driver of innovation which means to reduce costs and increase efficiency

A

financial pressure

25
Q

a driver of innovation which means to stand out among others

A

increased competition

26
Q

a driver of innovation which means to set new standard

A

shorter product life cycle

27
Q

a driver of innovation which means to discern what a customer needs

A

value migration

28
Q

a driver of innovation which means how to pass the regulation

A

stricter regulation

29
Q

a driver of innovation which means to pair up with the current economy

A

changing economy

30
Q

issues and problems in rise of innovation

A
  • more focused on science and technology
  • product of well-identified research
  • university-industry partnerships
31
Q

greater emphasis on commercializing scientific discoveries, especially in information technology and bio-sciences

A

more focused on science and technology

32
Q

speed and potential value of scientific progress leads to emphasis on solid and well designed portfolios of research projects

A

product of well identified research

33
Q

universities as active drivers of innovation: academic entrepreneurship and entrepreneurial university

A

university-industry partnerships

34
Q

a technopreneur and the author of “The Startup Owners Manual”

A

Steve Blank

35
Q

“Failing to involve customers and their feedback from literally the first day of startup’s life.”

A

Steve Blank

35
Q

“Get out of the building and talk to the only folks who matter- your customers.”

A

Steve Blank

36
Q

two main goals as an innovator

A
  • market validation
  • technical validation
37
Q

main goal as an innovator that involves customers, investors, and sponsors

A

market validation

37
Q

main goal as an innovator that involves specifications, testing, and production

A

technical validation

38
Q

what is the customer development model

A
  • customer discovery
  • customer validation
  • customer creation
  • company building
39
Q

customer discovery involves:

A
  • state your hypothesis
  • test “problem” hypothesis
  • test “product” hypothesis
  • verify
40
Q

customer validation involves:

A
  • get ready to sell
  • sell to “earlyvangelists”
  • develop positioning
  • verify
41
Q

customer creation involves:

A
  • getting ready
  • position
  • launch
  • create demand
42
Q

company building involves:

A
  • mainstream customers
  • management/culture
  • functional departments
  • fast response departments

Technopreneurship (4 decks)

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