Innovation Flashcards
Innovation
Process of making changes in something established, especially by introducing new methods, ideas, or products
Innovation examples in a business
- new processes
- new products
- new business models
Closed innovation
- develop products internally
- make them yourself
- market them yourself
Example: Percy shaw and reflective road stud
Open innovation
- Opening up the innovation process beyond company boundaries
- Increase innovation potential through active strategic use of the environment.
- Innovation arises through the interaction of internal and external ideas, technologies, processes
Disruptive technologies/innovations
Disruptive Innovation refers to a technology whose application significantly affects the way a market or industry functions.
Importance of open innovation
- potential for innovation to disrupt industries
- licensing intellectual property and collaborating to develop standards
Crowdsourcing
Obtaining information into a project- get customers to suggest innovation
What is Eric Von Hippels concept of lead users
- address problems which the general market place has not yet addressed
- have incentive to seek solutions to these needs
User groups
Create networks of users and get them to help each other and monitor what they discuss
Living labs
- set up communities if users of prototypes
- monitor innovations in use
- user centred open innovation system
however customers can be misleading
Agile development
- requirements and solutions evolve through the collaborative effort of self-organizing and cross-functional teams and their customer
Agile development + living labs
Lean start up
Lean startup
- a methodology for developing businesses and products, which aims to shorten product development cycles and rapidly discover if a proposed business model is viable
- based on continual experiments and analysis of use data to refine products
