Innovation & Novelty Flashcards
What are the steps from idea to business?
What percentage of people with an idea do nothing?
40%
What percentage of people with an idea talked to a friend about it?
63%
What is the main driver for entrepreneurs giving up?
receiving negative feedback
What do many of the entrepreneurs who fail to raise money never actually do?
Talk to a banker
What is innovation?
The process of transforming a creative idea into a new product, service, or method with impact and value on the market.
What are the three building blocks of innovation?
Creativity
Concrete implementation
Gain for customers
What is creativity?
The ability to combine ideas in unique or unusual ways.
What are advances based on?
Reorganization of existing technical and cultural elements in our representations of the world.
Where do new ideas come from?
From importing concepts and solutions from one domain to another.
What is an essential part of the innovator’s approach?
Trial and error
What is serendipity?
To make fortune discoveries by chance.
What is incremental innovation?
Small improvements of existing product concepts. Innovation that enhance the current state but do not drastically change the market.
(car keycards)
What is radical innovation?
An innovation that fundamentally changes the technology underlying the product concept, leading to significant shifts in industries or markets.
(from CD to music apps)
What is disruptive innovation?
A total market-changing innovation. Typically involving product versions that service overlooked niches but eventually displace established market leaders by fulfilling needs at a lower cost or with greater convenience.
(free internet access)
What are the new challenges that innovators face?
Sustainable development
Ecology
Energy-saving technologies
Health & Well-being
AI
What are the additional burdens imposed on innovation?
Promoting inclusion of minorities
Reduction of negative externalities
What is EDHEC’s project ‘Generations 2050’?
Advancing net positive Business
Empower to transform
Accelerate climate finance
What is Tech For Good?
A response to the 2015 Paris Agreement
Aims to accelerate the environmental and social transition
Organizes annual ChangeNOW Summit (sustainability leaders)
What is business experimentation?
It comprises all forms of structured market engagement.
Activities that disclose premature product versions prior to market launch.
Done to obtain customer feedback.
As a result revealing the potential value of the idea and its future.
What is the lean startup method?
A method for developing new business that relies on interactive market feedback.
What are the core mantras and philosophies of the lean startup?
Primacy of market feedback
Failing early
Validated learning from experiments
Pivoting
What are the core methods of the lean startup?
Customer interviews
Prototyping
MVP Development
A/B testing
What is iterative testing?
A process of repeated tests with successive improvements or adjustments to a technology, product or service deliverable, often based on market feedback.
Build-measure-learn.
What is the minimum viable product (MVP)?
A version of a product that contains only the most critical features of an idea and thus allows a team to collect the maximum amount of validated learning about customers with minimal resources spent.
