Week 10 Flashcards
Building the innovation case
What are the four types of capital based on Bourdieu?
Economic, social, cultural, and symbolic capital.
What is economic capital in the context of innovation?
Financial resources like income, savings, intellectual property, and tangible assets.
What are the key elements of social capital?
Structural (network size and diversity), relational (trust and reciprocity), and cognitive (shared language and norms).
How can symbolic capital be converted into economic capital?
Symbolic capital, like awards or recognition, can attract investors, improve brand image, and build trust, which can lead to increased investment and sales.
What is the significance of Metcalfe’s Law in network effects?
Metcalfe’s Law states that the value of a network is proportional to the square of its users, highlighting how networks grow more valuable as they expand.
What is discovery-driven planning?
An approach that tests assumptions early to convert them into knowledge, reducing risks in the innovation process.
What is the DVF lens in evaluating innovation?
A framework focusing on Desirability, Viability, and Feasibility of a solution.
What makes an idea “sticky” according to Chip and Dan Heath?
Being simple, unexpected, concrete, credible, emotional, and told through stories.
What is the role of multi-factor scoring tools in innovation?
They provide transparency in decision-making by evaluating proposals against set criteria.
What are direct and indirect network effects?
Direct effects increase network value with each new user; indirect effects reinforce dominant designs.
Why is acknowledging challenges in a business plan important?
It enhances credibility and demonstrates a realistic approach to potential risks.
What are the three key components of building an innovation case?
The situation (problem), the solution (value proposition), and the plan (roadmap, resources, and risks).
What is the purpose of the Power-Interest Matrix?
To categorize stakeholders based on their power to influence the project and their interest in it, helping prioritize engagement strategies.
How should you manage stakeholders with high power and high interest?
Manage them closely by engaging them frequently and involving them in decision-making.
Why is risk management important in building the innovation case?
It helps identify, evaluate, and mitigate potential risks, allowing for more flexible planning and reducing the chances of failure.
