Module 5 Flashcards
Types of innovation
1. Breakthrough
2. Technological
3. Ordinary
a. Offer advancements in the product/market area
b. Fewest invention / establish a platform on which further innovations in an area develop
c. Occurs most frequently / usually comes from market analysis
1b
2a
3c
True or false. Opportunity analysis allows the entrepreneur to evaluate the market and competition to make a product better.
False. Opportunity analysis allows the entrepreneur to evaluate the market and competition, and to compare expected profits and necessary resources.
How many sections does a typical opportunity analysis plan has? What are they?
4 sections:
1. Description of the idea and its competition.
2. Assessment of the domestic and international market for the idea.
3. Assessment of the entrepreneur and the team.
4. Discussion of the steps needed to make the idea the basis for a viable business venture.
Which statement is true?
1. Market data should be collected every 3 years.
2. Market data should be collected for at least three years.
3. Market data should be collected for a maximum of 4 years.
4. Market data should not be collected more than 3 collective years.
2.
True or false. A business model describes the rationale of how an organization creates, delivers, and captures value.
True.
Build-Measures-Learn Loop
1. Build
2. Measure
3. Learn
a. To measure progress of product development.
b. Minimum Viable Product (MVP): to test dundamental business hypotheses, to add/eliminate services and features that consumers validate through the experiment.
c. To tests and revise your plan systematically, to decide wheteher to pivot or persevere.
1b
2a
3c
AI as a General Purpose Technology:
1. Education
2. Personal services
3. Direction of technical change
a. Shift focus on rate to direction of innovation is beneficial.
b. New combinations
c. Need for new education models to leverage AI well
1c
2b
3a
