L4 Types of Innovation

Question 1

What is the critical juncture theory?

Answer 1

management theory that states in order to grow from small to big firm you need to solve key problems

Question 2

What 2 things is economic development based on?

Answer 2

entrepreneurial activities & temporary monopolies

Question 3

What are temporary monopolies incentive for?

Answer 3

For innovation

Question 4

Define creative destruction?

Answer 4

The incessant product and process innovation. mechanism by which new production units replace outdated one

Question 5

What fuels creative destruction?

Answer 5

Entrepreneurship

Question 6

What are the 4 key elements of disruptive innovation?

Answer 6

1. Incumbents are improving along a trajectory of innovation
   
   2. Pace of sustaining innovation overshoots customer needs
   3. Incumbents have the capability to respond but fail to do so
      Incumbents flounder as a result of disruption

Question 7

What do most modern small molecules need?

Answer 7

require a technology to improve solubility to improve absorption