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
Describe the three dream team profiles
- The hipster
Cool person who knows how to make cool things that cool people will enjoy. Trendy, creative person who has design knowledge - The hacker
Technology person who is mostly quiet unless answering all of the important “how?” questions through technical solutions - The hustler
Open, happy and social person who likes to socialize with people, customers, clients, investors, etc, anyone who the business can benefit from. Knows how to package the product and sell it to the partnerships and masses
Hustler - Hipster always fighting about product coolness and demand
Hacker - Hipster: Vibe of jock vs geek in high school
What to include in an elevator pich
- Problem
- Title/Name of start-up
- What is your deal?
- Beachhead market and why
- Value proposition
- Product, show pic or demo
- Financials
- Positive social/job/climate impact
- Competitive advantage and validation
- Team and founders dream
What is KTH Innvoation?
In 2022: Had 361 innovation ideas, 168 under validation by KTH Innovation readiness level and 12 start-ups to accelerators (time-limited programs that support start-ups)
KTH Innovation provide pre-incubator support to ideas
KTH readiness level is a model that assesses the idea development in six key areas of innovation development. Each area have a scale 1-9, with milestones and activities to reach next level
What is the INNOCENS project?
Three year project for “Enhancing innovation competences and entrepreneurial skills in engineering education”
It is a capacity building project supported by Erasmus+ with 19 partners in 7 countries, including 11 universities.
The project has
- Workshops on innovation pedagogy
- Developed and delivered 2 new courses
- Established innovation centers
What is the process of developing innovation centers?
Reach out to students
–>
Networking with local innovation systems
–>
Business idea development by helping students develop ideas into viable startups
–>
Innovation competitions to learn by doing
What are important aspects of entrepreneurship/start-up business?
- Value proposition -> pain/gain
- Customers/market
- Competent team
- IPR
- Internationalization: Designing a product so that it can be consumed across multiple countries
