MI - Week 2

Question 1

2 types of diversity

Answer 1

Inherent and acquired

Question 2

Inherent Diversity

Answer 2

Traits individuals are born with, such as gender, ethnicity, and sexual orientation.

Question 3

Acquired Diversity

Answer 3

Traits gained from experiences, such as working in different cultures or selling to diverse customer bases.

Question 4

Two-dimensional diversity

Answer 4

Companies whose leaders exhibit both inherent and acquired diversity are described as having “2-D diversity.” These companies are better at fostering innovation and are more likely to capture new markets.

Question 5

Critical Mass and Inclusive Leadership

Answer 5

Innovation thrives when minority groups form a critical mass within a company and when leaders actively value differences. This creates an environment where “outside the box” ideas are heard and developed.

Question 6

4 ways to bring “diversity drives innovation” mentality to an organization

Answer 6

1. Seek others’ perspectives
2. Be wary of the word “expertise”
3. Encourage employees to bring their whole selves to work
4. Foster psychological safety

Question 7

What are the 3 levels of diversity?

Answer 7

1. Demographic diversity
2. Cognitive diversity
3. Skill set diversity

Question 8

Demographic diversity

Answer 8

Gender, race, age, etc.

Question 9

Cognitive Diversity

Answer 9

Different ways of thinking and problem-solving

Question 10

Skillset diversity

Answer 10

Mix of technical and soft skills allows teams to execute ideas more effectively and turn innovative concepts into practical outcomes.

Question 11

In terms of innovation, why is it important to identify and fill individuals’ unmet needs?

Answer 11

By solving problems better, faster, or more affordably than current solutions, innovators can significantly improve customer satisfaction and create new opportunities. When companies fail to recognize or misinterpret these needs, as seen with Amazon’s neglect of its merchants, competitors may step in to fill the gap, leading to lost opportunities. Filling unmet needs is crucial because it aligns innovation with real customer problems, ensuring that new products and services address relevant issues and create value.

Question 12

4 approaches to identifying individuals’ unmet needs

Answer 12

1. Microscope
2. Panorama
3. Telescope
4. Kaleidescope

Question 13

Miscroscope

Answer 13

Zoom in on mainstream users (use lived experiences to uncover unmet needs that are not easily detectable through traditional means like surveys or interviews)

Question 14

Panorama

Answer 14

Zoom out on mainstream users (Use aggregated data to spot patterns in errors, complaints, or behavior to uncover broader unmet needs)

Question 15

Telescope

Answer 15

Zoom in on unconventional users

Question 16

Kaleidescope

Answer 16

Zoom out on unconventional users

Question 17

Big Bang Disruption

Answer 17

Refers to the phenomenon where new technologies evolve rapidly and lead to the introduction of products that are both better and cheaper than existing offerings. This kind of disruption causes a sudden shift in consumer behavior, as they abandon incumbent products for the new entrants that better utilize the disruptive technology​

Question 18

What are the core stages of Big Bang disruption?

Answer 18

1. Experimentation: New innovations emerge rapidly through low-cost experimentation, with no clear path of development.
2. Ramp-up: Innovations gain mass adoption suddenly, often without warning, overtaking traditional products.
3. Saturation: Market saturation occurs quickly, where competition increases and profitability peaks.
4. Aftershock: The market experiences disruption aftermath, with only a few players surviving.

Question 19

Blue Ocean Disruption

Answer 19

it refers to creating uncontested market space (a “blue ocean”) by introducing disruptive innovations that render competition irrelevant. Instead of competing in overcrowded markets (“red oceans”), Blue Ocean Disruption focuses on offering radically different products or services that open new demand and market opportunities.