Module 1: Introduction

Question 1

What is innovation?

Answer 1

“Innovations are qualitatively new products or processesthat differ significantly […] from what existed before.” (Hauschildt)

“A new way of doing things that is commercialized.” (Porter)

“The adoption of ideas that are new to the adopting organization.” (Afuah)

Module 1, slide 15

Question 2

What is innovation management?

Answer 2

Innovation management is the creation of processes that aim at creating and exploiting new things.

Module 1, slide 15

Question 3

What types of innovation is discussed in module 1?

Answer 3

Product/Service innovation
Process innovation
Business model innovation

Module 1, slide 16

Question 4

What distinquishes innovation from invention?

Answer 4

Innovation includes the market launch, and thus is both a output and process.

module 1, slide 24

Question 5

What 2 types of knowledge is required for innovation, and how are they improved?

Answer 5

needs knowledge (improved by marketing)
Solution knowledge (improved by R&D)

module 1, slide 26

Question 6

Is innovation reliant on new technologies?

Answer 6

Not necessarily, it can also be about simplifying technology (eg. remove aux in iphones)

module 1, slide 31

Question 7

Name three types of R&D research

Answer 7

Basic research (new knowledge without specific application)
Applied Research (directed towards a specific aim)
Experimental development research (existing knowledge directed to installing new products and services)

module 1, slide 35

Question 8

What is the principal-agent problem?

Answer 8

when one person or entity (the “agent”), is able to make decisions and/or take actions on behalf of, or that impact, another person or entity: the “principal”.
(wikipedia)

module 1, slide 42