3 Flashcards
What is the primary focus of innovations within companies?
Introducing something new, such as new products, processes, or ways of doing business.
From which Latin verb does the term “innovation” originate, and what does it mean?
The term “innovation” is derived from the Latin verb “innovare” and means “to renew.”
Which three key definitions of innovation are highlighted in the academic literature?
Three key definitions are highlighted. The first one defines innovation as an invention that leads to entrepreneurial success.
Which definition of innovation emphasizes the successful commercialization aspect?
The definition by Lyons, which states that innovation is “what defines who wins and who loses.”
If the emphasis is on novelty, how is innovation defined by Hauschildt et al. (2016)?
Innovation is defined as “qualitatively novel products or processes that differ ‘noticeably’ from a comparative state.”
What are the different dimensions used to characterize innovations?
The dimensions are: content-related, novelty-degree-related, subjective, actor-related, process-related, and normative
Which two types of innovations are most commonly observed in companies?
Product and process innovations.
How are process innovations realized, and what are their main goals?
Process innovations occur through novel factor combinations; the main goals are increased efficiency and process improvement
What sets product innovations apart from process innovations?
Product innovations also include recycling and focus on new or significantly changed uses, aiming for market effectiveness
What is another term for service innovations, and what are the reasons behind this terminology?
Service innovations are often called product-service systems due to their immateriality, heterogeneity, inseparability, and transience
What do market innovations encompass, and what is their primary objective?
Market innovations pertain to new sales or procurement markets, aiming to open up new customer or supplier potential
What constitutes structural innovations, and what are their typical aims?
Structural innovations are renewals in corporate structure, aiming to increase employee qualification/motivation or rationalize processes
What do cultural innovations represent, and can you provide an illustrative example within a company setting?
Cultural innovations are improvements in the social sphere, e.g., a change in cooperation between employers and trade union representatives
Why is the term “innovation” sometimes perceived as being used excessively or broadly?
The term is used broadly, from minor design changes to groundbreaking innovations, making it unclear when something is truly an innovation
When considering the subjective dimension of innovation, which target groups can be taken into account when evaluating the novelty of an innovation?
The target groups can be an individual, all managers, an industry, a nation, or all of humankind
