Chapter 2 Flashcards
What is the primary difference between invention and innovation?
Invention is creating something entirely new and original, while innovation is improving existing inventions or finding new uses for them.
What are the two types of technology entrepreneurship?
- Technology Developers (Inventors)
- Technology Users (Innovators)
What is the definition of innovation?
Improving existing inventions or finding new uses for them.
List three examples of areas where commercial application and exploitation of new ideas are changing.
- Mobile Phones
- Computers
- Transportation
Who invented the telephone?
Alexander Graham Bell
What significant invention is Thomas Edison known for?
The electric lightbulb and the phonograph
Fill in the blank: ________ is the process of creating entirely new products or services.
Process Innovation
What is product/service innovation focused on?
Finding new or improved ways to produce goods or deliver services.
Identify two sources of innovation.
- Internal (Employees, Research & Development)
- External (Suppliers, Customers, Market Research, Universities)
What is the first step in turning ideas into reality?
Identify a relevant problem.
What is a unique value proposition?
A statement that explains how a product or service is different from competitors.
True or False: Agile development involves embracing iterative development based on user feedback.
True
What are two reasons to innovate?
- Improve processes and efficiency
- Increase productivity and profitability
List four technopreneurship business ideas focused on technological innovation.
- Artificial Intelligence (AI)
- Computer Security
- IoT
- Robotic Services
Fill in the blank: ________ was invented by Joseph Aspdin in 1824.
Modern Cement
What is the significance of conducting market research when turning ideas into reality?
To understand the target audience and market trends to validate the idea.
List three impacts that should be assessed when evaluating innovation potential.
- Impact on processes and practices
- Training needed
- Resources required
What is one of the outcomes of innovation related to brand value?
Stronger brand value
What does market innovation involve?
Creating new markets, finding new customers, or developing new business models.
Who co-founded Apple Inc.?
Steve Jobs
What did Henry Ford innovate in the automotive industry?
The horseless carriage (cars)
True or False: Innovation is not important for competitiveness.
False
What is the process through which ideas are transformed into products called?
Innovation and differentiation
Identify a famous innovator associated with Microsoft.
Bill Gates
