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
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!
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, …)
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