Unit 5

Question 1

The innovation process typically involves several stages, from ____ to
_____.

Answer 1

idea generation to implementation

Question 2

It involves gathering ideas, research, testing, editing or revising, and ultimately
implementing the plan.

Answer 2

Idea Generation

Question 3

Evaluate and screen ideas to determine their feasibility and alignment with organizational goals. This
stage helps filter out
impractical or less viable
concepts.

Answer 3

Screening

Question 4

The _____ stage tests
an idea, such as with a
prototype or pilot test

Answer 4

Experimentation

Question 5

is the
process of bringing an idea,
product, or service to the
mass market and making
monetary benefits from it.

Answer 5

Commercialization

Question 6

is the stage
of the innovation process when
the focus shifts from
development to persuasion.

Answer 6

Commercialization

Question 7

is the
companywide acceptance of
an innovative idea, and
implementation sets up
everything needed to
develop and utilize or
produce the innovation.

Answer 7

Diffusion & Implementation

Question 8

5 Innovation process stages:

Answer 8

• Idea Generation
• Screening
• Experimentation
• Commercialization
• Diffusion & Implementation

Question 9

8 Innovation Frameworks:

Answer 9

• 10X Thinking
• Space X
• Mars Colonization
• Reusability of Rockets
• Rapid Iteration and Innovation
• Commercial Space Travel
• Falcon Heavy & Starship
• Satellite Internet
  w/ Starlink

Question 10

is a valuable tool for understanding,
evaluating, and communicating your business model.

Answer 10

Business Model
Canvas

Question 11

9 Key Elements of Business Model Canvas:

Answer 11

• Customer Segments
• Value Preposition
• Channels
• Customer Relationships
• Revenue Streams
• Key Resources
• Key Activities
• Key Partnership
• Cost Structure

Question 12

Define the different groups of people or organizations your business aims to reach and serve. These are your target
customers.

Answer 12

Customer Segments

Question 13

Clearly articulate the value your product or service provides to your customers.
What problems does it solve? What needs does it satisfy?

Answer 13

Value
Preposition

Question 14

Specify the various ways you will reach and deliver your value proposition to your
customers. This includes distribution, sales, and communication channels.

Answer 14

Channels

Question 15

Describe the type of relationship you intend to establish with your
customers. This could be personal assistance, self-service, automated services, etc.

Answer 15

Customer
Relationships

Question 16

Identify how your business will earn
revenue. This could include sales,
subscriptions, licensing, advertising, etc.

Answer 16

Revenue
Streams

Question 17

List the critical assets and resources your business requires to operate. This
includes physical, intellectual, human, and financial resources.

Answer 17

Key Resources

Question 18

Outline the most important tasks and activities your business needs to perform
to deliver its value proposition, reach
customers, and generate revenue.

Answer 18

Key Activities

Question 19

Identify the external organizations or individuals that your business will
collaborate with to enhance its capabilities or mitigate risks.

Answer 19

Key Partnership

Question 20

Detail the costs associated with operating
your business. This includes fixed and
variable costs, as well as economies of scale.

Answer 20

Cost Structure