Week 1 Flashcards
What is a paradigm?
Common cohesive understanding of how a given phenomenon must be interpreted and explained
What is a paradigm shift?
The dominant paradigm loses its momentum/relevance and is challenged by other paradigms with alternative propositions or narratives
What is innovation?
Can be abstract but basically constitutes of an “improvement” in how something is being done or offered. Innovation is a process not a spontaneous event.
The 4 steps of innovation?
- Identify a need/problem.
- Develop feasible solution
- Produce the product
- Achieve adoption/diffusion of the Innovation
Economic Innovation?
evolving institutions, entrepreneurs and technological changes were at the heart of economic growth.
What are the reasons for innovation?
They can be simple from increasing ROA to a more philosophical like fixing problems. It is also triggered by unexplored opportunities, scarcity and competition.
The rate and direction of innovation activities is defined by which 4 dimensions?
Economic Growth
Technical Change
Social Change
Institutional Change
What are some of the environmental factors, which shape innovation?
Economical factors Government and political factors Ecological factors Technology factors Socio-demographic factors
What are the different types of innovation
Product Innovation Process Innovation Business Model Innovation Organization Innovation Marketing Innovation
Key dimensions of radical and incremental innovation
Radical
- High degree of uncertainty
- Paradigm Shift
- Significant level of newness, often combining distant domains
- Potentially high impact
Incremental
- Low to Med degree of uncertainty and low impact
- All modifications are limited
What are the different types of technical innovations
Architectural - the reconfiguration of existing product technologies that creates an improvement in the ways in which components, some of which are not necessarily innovative together, are combined
Radical
Disruptive
Incremental
What is the difference between radical and disruptive innovation?
Radical innovation serves new markets while disruptive innovation serves existing markets.
Pareto principle in innovation?
80% of sales come from 20% of selection - the so known short head. The short head is also know as the “mainstream’
Innovations are:
functionally valuable, effective and revenue generating
When does the paradigm shift occur?
When new disruptive technologies, which set new standards emerge.
Technology S curve- limits of current technology are starting to get reached
