TIM Lecture 1

Question 1

The Process of Innovation

Answer 1

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

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

Question 2

Innovation in Summary

Answer 2

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

Question 3

Types of Innovation

Answer 3

• 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, …)

Question 4

Types of R&D

Answer 4

• 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