5.4 Flashcards
Lone inventor
individual working outside/inside an organisation, who is committed to the invention of a novel product and often becomes isolated because they’re engrossed with ideas that imply change and are resisted by others
advantages of being lone inventor
full control over development of invention
can make decisions without the factor of business
you dont have to give attention to the marketing of a product
you can have radical ideas
disadvantages of being lone inventor
may be difficult to forge on w designs as large investments needed
isolated with little backing
may be difficult to take invention to market
inventor characteristics
individuals w a goal of inventing a new, somewhat revolutionary product
have ideas that are completely new and different
usually isolated
may not give sufficient care to marketing and sales of their product
their ideas are often resisted by workers (bcs of how different they are)
product champion
influential individual, usually working within organisation, who develops enthusiasm for an idea/invention
product champion characteristics
will often secure resources (funding, connections etc) to keep the innovation going
knows all the customers, is not too close with any of them
has business experience in the domain, can speak intelligently about the issues
defends teams ability to produce the product
communicates with team, customer, marketing etc
performs market analysis
the entrepreneur
influential individual who can take the invention to market, often by financing the invention, development and diffusion of product into marketplace
entrepreneur characteristics
can spot market opportunities, put together plans, secure funding
self control
self confidence
sense of urgency
realism
emotional stability
advantages of multidisciplinary approach to innovation
broader range of ideas (diff perspectives, knowledge etc)
enhanced problem solving (more skills and expertise)
increased innovation and adaptability (range of experts is more likely to handle changing market demands)
disadvantages of multidisciplinary approach to innovation
communication challenges
difficult to merge many perspective into one innovation
conflict potential
