Lecture 6 Flashcards
What is the difference between invention and innovation?
Invention is something completely new while innovation is about adding value and exploiting it.
What are the 3 levels of adoption?
- individual
- collective
- authoritive
What is an example of path dependency?
Keyboard typewriter
Name the example for electric vehicles in the following dimensions:
- economic
- behavioral
- organizational
- structural
- too expensive
- like sound car
- invested in oil
- lack of charging stations
Name examples for the following terms:
- relative advantage
- compatibility
- complexity
- triability
- observability
- running shoes
- fit with values company
- microfiber wifi, don’t add too much
- free trial, test it out
- visible by peers
What is an example of choosing your adopter?
Artificial egg
What are the 4 ways to capture value?
- free trial
- framing
- subscription
- drug dealer effect
What is the role of tacit and explicit knowledge?
Tacit= makes it harder to imitate
explicit= can be protected, used to boost industry
What is the cycle of tacit and explicit knowledge?
socialization –> externalization –> combination –> internalization
What is a business model?
A representation of where and how value is created and how an by whom it is captured.
What is an example of business model innovation?
Taxi –> uber
franchise
What leads to value proposition?
firm activities
What lead to value creation?
adoption
What lead to value capture?
cost and revenue structures
Where does value proposition, creation and capture together?
business model
