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INNOV CHAP 4-5 > CHAPTER 5: IDEA DEVELOPMENT > Flashcards

CHAPTER 5: IDEA DEVELOPMENT Flashcards

1
Q

is the process of generating, refining, and evaluating ideas to
transform them into actionable opportunities.

A

Idea Development

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2
Q

It is a key component in the entrepreneurial and
innovation process that bridges the gap between ideation and execution.

A

Idea Development

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3
Q

Importance of idea development

A
  • Facilitates innovation and problem-solving.
  • Helps entrepreneurs align ideas with market needs.
  • Encourages creativity and strategic thinking.
  • Bridges the gap between raw ideas and executable business opportunities.
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4
Q

Stages in Idea Development:

A
  1. Idea Generation
  2. Idea Refinement
  3. Idea Evaluation
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5
Q
  • Producing new and innovative ideas through brainstorming, research, and
    observation.
A

Idea Generation

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6
Q
  • Filtering and improving ideas to align with goals and feasibility.
A

Idea Refinement

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7
Q
  • Testing the practicality, viability, and desirability of the refined ideas.
A

Idea Evaluation

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8
Q

Role of idea development in Entrepreneurship and Innovation:

A
  • Provides the foundation for business opportunities.
  • Supports competitive advantage by fostering unique solutions.
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9
Q

Sources of Ideas in idea development

A

Internal Sources
External Sources
Research and Development (R&D)
Benchmarking and Competitive Analysis

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10
Q

: Ideas originating from personal experience, skills, or insights.

A

Internal Sources

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11
Q

Examples: An artist starting a digital gallery based on their painting hobby.

A

Internal Sources

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12
Q

Ideas inspired by external factors such as trends, market gaps, or customer feedback.

A

External Sources

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13
Q

Examples: A technology startup creating apps for remote learning during the pandemic.

A

External Sources

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14
Q

Systematic efforts to create new products or processes.
.

A

Research and Development (R&D)

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15
Q

o Example: Pharmaceutical companies investing for new medicines

A

Research and Development (R&D)

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16
Q

Studying competitors to identify areas for improvement or differentiation.

A

Benchmarking and Competitive Analysis

17
Q

Example: A coffee shop adding unique blends after researching competitor menus.

A

Benchmarking and Competitive Analysis

18
Q

involves bringing together diverse skills, perspectives, and
resources to enhance idea development.

A

Collaboration

19
Q

Key Concepts of idea development

A

Building Diverse Teams
Role of Mentorship and Networking
Crowdsourcing:

20
Q

: Including members with different expertise and backgrounds.

A

Building Diverse Teams

21
Q

: Seeking guidance from experienced individuals and leveraging networks.

A

Role of Mentorship and Networking

22
Q

Tapping into collective intelligence for innovative solutions.

A

Crowdsourcing

23
Q

raw idea into a structured and actionable concept.

A

Transitioning

24
Q

Steps to Transition:

A
  1. Define the core value proposition.
  2. Align the idea with the organization’s vision and mission.
  3. Create a concise and impactful elevator pitch.
25
Q

A brief, persuasive speech to spark interest in an idea or product.

A

elevator pitch.

26
Q

Challenges in Idea Development

A
  1. Creative Blocks
  2. Resource Limitations
  3. Balancing Innovation with Practicality
27
Q

: Struggling to generate or refine ideas.

A

Creative Blocks

28
Q

: Lack of time, funds, or tools.

A

Resource Limitations

29
Q

: Ensuring ideas are both novel and feasible.

A

Balancing Innovation with Practicality

30
Q

Strategies to Overcome Challenges:

A
  • Use creativity techniques like SCAMPER or brainstorming.
  • Seek partnerships or funding to address resource gaps.
  • Conduct feasibility studies early in the process.

INNOV CHAP 4-5 (2 decks)

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