Lecture 1

Question 1

What is the definition of innovation?

Answer 1

• book= the process of creating value from ideas, with different degrees in novelty
• lecture= implementation of new or improved product etc.

Question 2

What was Joseph Schumpeter’s thought on innovation?

Answer 2

innovation is never really new, it is always a combination of things that already existed.

Question 3

Why is innovation so important?

Answer 3

• you keep renewing yourself
• otherwise people will outrun you

Question 4

What is the role of the entrepreneur with innovation?

Answer 4

takes the risk to exploit the idea and make a change

Question 5

What is the relation between innovation and competition?

Answer 5

• with innovation you create (social) value
• makes a difference between competitors

Question 6

What causes innovation?

Answer 6

• opportunity
• threat

Question 7

What is the most common problem for firms to make regarding to innovation?

Answer 7

they stick too much to their core competence which caused them succes and don’t focus on new innovation

Question 8

What are policy agents? (+3 examples)

Answer 8

• organizations which have a broader concern with innovation
  1. governments (creating jobs)
  2. trade and sector bodies (stimulate competition)
  3. supply chain ‘owners’ (keep strong network)

Question 9

What is the difference between ‘the survival of the fittest’ and how innovation actually works?

Answer 9

Innovation is not a random process but a sequence of planned experimentations

Question 10

What are the 3 fases of a sequence planned experimentations?

Answer 10

• searching opportunity
• selecting
• implementing