4. Technology and Innovation Flashcards
What is Customer Value?
Customers buy ‘Customer Value’ and not technologies or products.
What is the Business Model Canvas?
A proven tool to describe all aspects of a business model.
What is the difference between Invention and Innovation?
Invention is the successful development of a new/better idea regarding a technology product or process while Innovation is the successful implementation of a new/better business model with new/better customer value.
How can innovation be protected?
There is a variety of intellectual property rights to protect innovations (patents/utility models/design rights/ trademarks …). An effective intellectual property strategy needs to ensure freedom to operate and to prevent imitation.
What are the development phases of a startup?
A startup has very distinct development phases: ‘Search for business’ ‘Building Business ’ and ‘Growth of Business’.
What is the Build-Measure-Learn cycle?
Start-ups operate in a ‘Build-Measure-Learn’ cycle to get quickly to a minimum viable product.
Why do established companies need innovativeness?
Established companies need innovativeness as a sustained capability and are more and more using start-up related tools for exploration as well as execution.
