Innovation

Question 1

Innovation

Answer 1

Any new/change to an idea, product, service, process, or business model that adds value

Question 2

Incremental (sustaining) innovation

Answer 2

Making small-scale improvements to existing things (MOST INNOVATION IS THIS)

Question 3

Disruptive innovation

Answer 3

Making a new product with new tech to put into an existing market, usually from new companies

Ex. digital cameras when they were first introduced

Question 4

Objects of innovation

Answer 4

Product: New product development, current product performance improvement, or current product feature update
- Caused by tech advancements, changes
in tastes; generally visible to customer

Service: Introducing new services or improving existing services
- Enhances utility, performance, and
apparent value of an offering

Process: Implementing a new/improved production/delivery method
- Ex. Assembly line, accounting, customer
service

Business Model: Creating, adapting, or changing the way a company delivers value to customers and/or generates revenue
- Essential to remain competitive
- Most challenging
- Almost always radical, risky, and
transformative

Question 5

SCAMPER Technique

Answer 5

Substitute (what can be used instead to make more value?)

Combine (what can be combined to make more value?)

Adapt (what might I borrow to make more value?)

Modify/Magnify (what might I showcase/minimize to make more value?)

Put to another use (what new ways can it be used to make more value?)

Eliminate (what might I remove to make more value?)

Rearrange/Reverse (what other pattern can I adopt to make more value?)

Question 6

Design Thinking

Answer 6

Creative thinking technique; keeping the user at the center of everything. EDIPT

Empathize (learn about your users) 

Define (identify their needs) 

Ideate (generate creative ideas) 

Prototype (turn insights into tangible models) 

Test (evaluate solutions by gathering user feedback)

Question 7

Case Study: Lego

Answer 7

Learned they could engage their audience with thing other than toys (licensed partnerships, comics, video games) 

LEGO collabs are essential to their brand now 

R&D focused 

Has the Ideas platform -> Feedback Loop

Question 8

Wicked Problems

Answer 8

A social or cultural issue or concern that is difficult to explain and inherently impossible to solve.

Question 9

Open Innovation

Answer 9

When an organization doesn’t just rely on their own knowledge/resources to innovate