Innovation and entrepreneurship Flashcards
What global challenges innovation can help
- Maintain economic competitiveness in developed countries
- Diversify economy, reduce dependence on oil/gas/raw materials
- Foster economic growth
- Create new businesses, jobs and societal wealth
- Mitigate climate change and sustainable development
What is included in the knowledge triangle?
Innovation, research, education
What is innovation?
Transformation of research and ideas into tangible products, services, processes, systems etc, based on new, better ideas
Contributes to economic progress and societal well-being
What is European competitiveness report?
What are different forms of innovation activities?
- Inovation by university researchers (for example start-ups)
- Technology-based innovations (Bio-tech, clean-tech, IT/GIT, fin-tech)
Characteristics of start-ups
A startup is a project or new company that is
- Based on a new business idea/model
- Scalable with potential for exponential growth
- Often rooted in technology-based innovations
Every newly started company is not a start-up, a start-up is unique due to potential for exponential growth and innovation focus
Three aspects needed for innovation
- (Enabling) Environment: Innovation systems like legal framework, free-market economy, government, university, business partnership
- Creativity: New, original ideas, thinking outside of the box, innovation-oriented higher education
- Entrepreneurs: Entrepreneurial skills and mindset, professional support, incubators, accelerators, angel investors
What is included in the Swedish national innovation system?
- Legal framework
- National agencies (Vinnova (Sweden’s innovation agency), TvV (Tillväxtverket that promotes entrepreneurship and sustainable growth)
- Universities, research institutes (KTH, RISE)
- Regional agencies (SKR, Länsstyrelser)
- Enterprises active within innovation landscape
- Professional support (Incubators, accelerators, KTH innovation)
- Entrepreneurs
What is a unicorn?
A private startup with a market value of over 1 billion USD
Stockholm is considered a unicorn factory
What are the seven national innovation indicators?
Outlined by WIPO and assess and measure the performance of a country’s innovation system (its enabling innovation environment)
- Institutions: Legal and regulatory frameworks
- Human capital and research: Assess availability
- Infrastructure: Physical and technical infrastructure that supports innovation
- Market sophistication
- Business sophistication
- Knowledge & technology outputs: How effectively a country converts research and human capital -> to new knowledge and tech
- Creative output
What is included in innovation-oriented higher education?
- Education enhancing students innovation competencies and entrepreneurial skills
- Flexible curricula, teaching and learning, assessment
- Life-long learning
- Multi-disciplinary, labor-market oriented, international learning environment
- Students-centered, active learning
- Every student should have basic knowledge and skills in entrepreneurship
Entrepreneurial mindset?
- Creative, innovative
- Rich in ideas and initiatives
- Active, hard-working
- Risk-taking, economically adventurous
- Create own business, not waiting to be employed
- Have entrepreneural mindset
Questions to create a viable business model/idea
Connected to value proposition
- What is the problem of potential customers? (pain)
- How do they solve their problem today?
- How can your solution better solve customers problems? (gain)
- How can you make money from your customers? Are they willing to pay?
What does value proposition mean?
What are the key benefits and unique attributes of your idea?
How should you build your team?
A team of key persons are vital for a start-up, especially since many investors prefer to invest in people and not ideas.
You should focus on competences that complement each other. Don’t focus on titles or members who share too many similar skills.
Key competences include design, technology and communcation
