TIM Lecture 1 Flashcards

1
Q

The Process of Innovation

A
Idea -> 
Discovery -> 
Research ->
Development ->
Invention ->
Market Launch ->
Exploitation

Invention + Market Launch = Innovation
Innovation is both an output and a process

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2
Q

Innovation in Summary

A
  • is risky
  • can be very costly
  • can be copied
  • needs protection
  • usually requires cooperation of many others
    => Is really difficult!
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3
Q

Types of Innovation

A
  • Product or service innovation, established on the market (to generate / increase sales)
  • Process innovation (often goes hand in hand with product innovation), establish inside the organization (to enable / improve production of goods or services)
  • Business model innovation (Reshuffling of value proposition, processes, products, services, …)
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4
Q

Types of R&D

A
  • Basic research: experimental or theoretical, without any particular application or use in view
  • Applied research: original investigation, directed towards a specific practical aim or objective
  • Experimental development research: systematic work, drawing on existing knowledge gained from research and practical experience, directed to producing, improving, and installing new materials, products, and services
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