Week 1 - Innovation: The Clever Country

Question 1

What is Innovation?

Answer 1

The process of creating value from ideas.
It is the successful implementation of creative ideas within an organisation.

Question 2

What is the origin of the word “innovation”?

Answer 2

Comes from the Latin “in” and “novare”, meaning “to make something new”.

Question 3

What is Entrepreneurship?

Answer 3

The powerful mixture of energy, vision, passion, commitment, judgement and risk-taking, which provides the motive power behind the innovative process.

Question 4

What are the 6 Aspects of Innovation?

Answer 4

1 - Identifying or creating opportunities.
2 - New ways of serving existing markets.
3 - Growing new markets.
4 - Rethinking services.
5 - Meeting social needs.
6 - Improving operations.

Question 5

First Aspect of Innovation + Example

Answer 5

Identifying or creating opportunities e.g. Mobile phones and tablets have revolutionised the way we communicate

Question 6

Second Aspect of Innovation + Example

Answer 6

New ways of serving existing markets e.g. Coles, Woolworth’s online shopping

Question 7

Third Aspect of Innovation + Example

Answer 7

Growing new markets e.g. the auction market with eBay

Question 8

Fourth Aspect of Innovation + Example

Answer 8

Rethinking services e.g. Online banking and no more queues

Question 9

Fifth Aspect of Innovation + Example

Answer 9

Meeting social needs e.g. Facebook and LinkedIn as social platforms

Question 11

Sixth Aspect of Innovation + Example

Answer 11

Improving operations e.g. using robotics in manufacturing, mining and medicine