TECHNOPRENEURSHIP - Innovation Flashcards by JOHN EVAR LABASTILLA

Q

What is Innovation?

A

a new idea, method or device.
the process of making improvements by introducing something new.
the process of translating new ideas into tangible product.
the successful exploitation of new ideas.
A creative idea that is realized.
A change that creates a new dimension of performance.

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Q

converting knowledge to wealth is known as

A

Innovation

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Q

Why Innovate?

A

a chance to react to changes and discover new opportunities.
foster competitive advantage
allows to build better products and services for your customers.

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Q

Formula of innovation

A

creativity + commercialization

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Q

A

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Q

The starting point for innovation

A

Creativity by individuals and teams

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Q

______________ is necessary but not
sufficient condition for __________________.

A

CREATIVITY; INNOVATION

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Q

______________ - coming up with ideas and displayed by individuals

A

Creativity

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Q

__________________ - bringing the ideas to life and occurs in organizational and societal context

A

Innovation

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Q

the creation of new tools or the novel
compilation of existing tool.

A

Innovation

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Q

occurs when someone uses an invention - or
uses existing tools in a new way - to change how the
world works, how people organize themselves, and how they conduct their lives.

A

Innovation

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Q

CREATIVITY, INVENTION, OR INNOVATION?

Novel ideas that are communicated, useful, and appealing

A

CREATIVITY

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Q

CREATIVITY, INVENTION, OR INNOVATION?

A new to the world is discovered or created

A

INVENTION

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Q

CREATIVITY, INVENTION, OR INNOVATION?

Making the invention into a product form

A

INNOVATION

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Q

CREATIVITY, INVENTION, OR INNOVATION?

Creating something new

A

INVENTION

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Q

CREATIVITY, INVENTION, OR INNOVATION?

is a fuzzy idea and that can’t be clarified until it is made into a prototype

A

CREATIVITY

Q

CREATIVITY, INVENTION, OR INNOVATION?

About changing a pattern for doing something

A

INNOVATION

Q

CREATIVITY, INVENTION, OR INNOVATION?

Refers to ideas

A

CREATIVITY

Q

CREATIVITY, INVENTION, OR INNOVATION?

Cash –> Ideas

A

INVENTION

Q

CREATIVITY, INVENTION, OR INNOVATION?

Ideas –> Cash

A

INNOVATION

Q

CREATIVITY, INVENTION, OR INNOVATION?

Based on thinking up new things

A

CREATIVITY

Q

CREATIVITY, INVENTION, OR INNOVATION?

Based on primary scientific skills

A

INVENTION

Q

CREATIVITY, INVENTION, OR INNOVATION?

Based on broad set of strategic, marketing, and technical skills

A

INNOVATION

Q

is the management of all the
activities involved in the process of idea generation, technology development, and marketing of a new or improved products/services or mnufacturing process or equipment

A

INNOVATION

Types of Innovation (CPPSCBCNBE) [from page 21]

Core process Product performance Product system Services Channel Brand Customer experiences Networking Business model Enabling process

In types of innovation, what are under PROCESS?

Enabling process Core process

In types of innovation, what are under OFFERING?

Product performance Product system Services

In types of innovation, what are under DELIVERY?

Channel Brand Customer experience

In types of innovation, what are under FINANCE?

Business Model Networking

TYPES OF INNOVATION (SSBMOPFSP) [from page 23]

Services Supply Chain Business Model Marketing Organizational Process Financial Substantial Product

* Involves the introduction of a new good or service that is new or substantially improved.

Product Innovation

Product innovation might include improvements in:

Functional characteristics Technical abilities Ease of use

A method of doing business by which a company can generate revenue to sustain itself.

Business Model Innovation

* Informal and formal models that are used by enterprises to represent various aspects of business.

Business Model Innovation

* Involves changing the way business is done in terms of creating values.

Business Model Innovation

Development of new marketing methods with improvement in product design or packaging, product promotion or pricing.

Marketing Innovation

Involves the implementation of a new or significantly improved production or delivery method.

Process Innovation

* Involves less technological advance but more interactive and information-intensive mainly due to the characteristics of services per se.

Service Innovation

Can be found both in manufacturing and service firms since they can, particularly obviously at present, provide services to customers

Service Innovation