Week 2 Innovation Flashcards
What is the difference between Innovation & Invention?
Data —> Knowledge –> Insight –> Innovation
Innovation: The success of a product within the market. (Turns ideas into money)
Invention: The initial concept. (Turns money into ideas)
What is the process for Innovation?
1) Novelty
2) Successful Diffusing
3) Creating & Capturing Value
What is Novelty?
The idea that the concept doesn’t have to be a completely new idea in the world, just something that is new within a context. (Company, Market, Industry)
What are 3 methods of successful diffusion?
1) Individual (Heroic)
2) Corporate (Closed)
3) Open: E.g. Wikipedia
How do you Create & Capture Value?
Create value through stakeholders:
- Financially
- Socially
- Enviornmentally
Capture value through:
- Patents
- Intellectual Property
- Prototypes
What information is collected for Business Intelligence?
CCPE:
- Customer
- Competitors
- Partners
- Enviornment
What are Quality Traits for collecting Business Intelligence?
- Timeliness
- Location
- Form
- Validity
What is the 6 aspects of TM Framework Process?
1) Acquisition
2) Exploitation (Utillisation, Absorbing and Implementation of the tool)
3) Identification (Audits, Backlog and Journals on the progress of the tool)
4) Learning
5) Protection (Constantly upskilling and on-boarding newer staff + Patents)
6) Selection
What is Push & Pull Mechanisms for the TM Framework?
Push: Capabilities
Pull: Requirements
What is the difference between Data & Knowledge?
Data is raw information captured e.g. different heights of basketball players 188, 189, 201, 209, 179
Knowledge is when data is converted from raw numbers into insights e.g. the average height in basketball is 190
What are the different Organisational Perspectives?
- Up-Down: Strategy, Goals & Directives
- In-Out: Customers, Suppliers & Partners
- Horizontal: Across Functions
What is the difference between Subjective & Objective?
Objective: Quantifies something that is known.
Subjective: Describes something that is unknown.
What is the difference between Applications vs System Software?
Application Software: Enables you to solve specific problems using specific apps. E.g. Word, Excel
System Software: Handles tasks specific to Technology Management. E.g. Anti-Virus, Operating Systems.
What are the 3 stages to S-Curve?
1) Improves slowly as it is not known.
2) Rapid acceleration as it becomes more known.
3) Tapers off as it reaches its limit.
What are the 5 phases of Innovative Technology?
1) Trigger
2) Peak of Expectations
3) Trough of Disillusionment
4) Slope of Enlightenment
5) Plateau of Productivity
