INNOVATION Flashcards
an individual who creates a new business, bearing most of the risks and
enjoying most of the rewards.
r is commonly seen as an innovator, a source of new
ideas, goods, services, and business/or procedures.
ENTREPRENEUR
The capacity and willingness to develop, organize and manage a business venture along
with any of its risks in order to make a profit.
ENTREPRENEURSHIP
The sum of techniques, skills, methods, and processes used in the production of goods or
services or in the accomplishment of objectives, such as scientific investigation.
TECHNOLOGY
The merging of KNOWLEDGE in TECHNOLOGY with ENTREPRENEURSHIP skills.
TECHNOPRENEURSHIP
n is revolutionary
and changes markets completely;
iterative improvement that progress in a
less dramatic way.
takes serious effort and a diligent
attention to what the market actually wants and needs
one place where hard work and merit are truly rewarded. While science
converts money into knowledge, commercialization converts that knowledge into wealth
INNOVATION
brings a technology from an idea into the marketplace where it can
provide value to society
SUCCESSFUL COMMERCIALIZATION
one of the foremost thinkers on management and innovation, said it well
when commented that: “When all is said and done, innovation is hard, focused, purposeful work
making great demands on diligence, on persistence, and on commitment.”
PETER DUCKER
What innovation is not
A technology, invention, device or new product or service may not be innovative on its
own. To be truly innovative, it must bring new value and a new improved way of achieving things
for the people that use them.
one step in the process of creating innovation.
equates to science and technology
INVENTION
n is the process of taking an invention into the market, where it can be used
and brings value.
encompasses the whole process. It creates changes in the way people
do things and it is only really worth what someone else will pay for it.
is found in everything from products, to business models and organizational structures
changes the way people do things
INNOVATION
How can you determine if your idea is innovative?
The best way is to go out into the marketplace and look around. Ask many questions and listen
to the voice of the market. Then work out analytically what the innovation needs to take advantage
of your opportunity.
Customers who have the particular problem you can solve want to know the benefits of
your innovation- what it is and does.
CLEAR COMMUNICATION
Author of “Crossing the Chasm”
“name it and frame it.” If your technology is novel, it may be difficult to name it, so framing it
becomes important.
GEOFFREY MOORE
invites the person you are talking to into a conversation.
A GOOD TECHHNOLOGY DESCRIPTION
avoids jargon and describes the invention so clearly that a non-expert
to easily and clearly see the value in your innovation. And someone skilled in the industry will
immediately begin asking, “That is interesting, how did you do it?” At that point you are in a
conversation and can begin to go deeper.
STRONG DESCRIPTION
A good technology description invites the person you are talking to into a conversation
START A CONVERSATION
Note that this description does not mention the composition of the coating or how it is
applied. These are key to the competitive edge of the technology, but they are not addressed here.
A strong description does not give a way specifics about the technology.
AVOID DISCLOSING SPECIFICS
one of your hardest tasks, despite how simple it might
seem. It takes hours of thoughts to give your technology a name and to frame it for your listeners.
CRAFTING A TECHNOLOGY DESCRIPTION
can be the key to opening up a conversation and
opportunities with potential customers and partners. Without giving away how your technology
works, it allows them to understand what you have and how they can use it.
SHORT TECHNOLOGY DESCRIPTION
are meant to introduce your idea and to explain what it is and
does. If you are speaking to technical experts, this may leave them with a question. If your listeners
begin to ask deeper, it is a sign you have an excellent short description.
TECHNOLOGY DESCRIPTION
will allow you to hear it and watch how others respond to it.
PRACTICING YOUR DESCRIPTION
