Module 2

Question 1

Reasons for innovation

Answer 1

Identifying/ creating new opportunities 
New ways of serving existing markets 
Growing new markets 
Rethinking services 
Meeting social needs
Improving operations

Question 2

Dimensions of innovation (4Ps)

Answer 2

Product
Process
Position
Paradigm

These can be radical or incremental in nature.

Question 3

Types of innovation?

Answer 3

Main types:
Knowledge push
Need pull

Other types:
User led innovation 
Innovation due to regulation
Recombinant innovation
Copycat innovation 
Crisis driven innovation 
Mass customisation

Question 4

Sources of new ideas for innovation

Answer 4

Consumers
Distribution channels
Existing companies/markets

Question 5

Ways of Generating new ideas

Answer 5

Brainstorming
Focus groups
Problem inventory analysis
Desk research

Question 6

Searching for innovation

Answer 6

Operational optimisation
Organisational transformation
Reframe
Co-evolve

Question 7

Operational optimisation

Answer 7

Finding an opportunity to innovate by improving an organisations operational processes

Question 8

Operational transformation

Answer 8

Finding an opportunity to innovate by transforming a company’s product, technologies used, market or leadership

Question 9

Reframe

Answer 9

Finding an opportunity to innovate by reframing problems and increasing imagination

Question 10

Co-evolve

Answer 10

Finding an opportunity to innovate by analysing and understanding a number of complex factors that are often not in direct control of the business

Question 11

Spin off

Answer 11

A corporate spin off is generally driven by a new innovation or technology within a company; however it can be as a result of a company restructure.

Question 12

Advantages of a spin off

Answer 12

Allows business to separate different business concepts
Leadership of the companies may be more effective if each company has its own expertise and can focus on managing its own operation
Business risk is decreases by keeping companies separate

However may result in leadership being diluted and resources of the original company may have to be spread out

Question 13

Research and Development (R&D)

Answer 13

The following should be considered:
Technical and business opportunities
Feasibility
Technologies

Question 14

Advantages for a small business investing in R&D

Answer 14

Unique selling point (USP)/competitive edge
Income
Funding
Tax benefit
Reputation 

Often conducted in technology hubs, these can be defined as an office, suburb or city which has developed to allow technology start-up companies to flourish