Week two Flashcards
Why is globalization significant for innovation?
Globalization creates opportunities to access new markets and face international competition, driving companies to innovate to stay competitive and meet diverse market needs.
What is Social innovation
Social innovation aims to generate social value rather than profits, addressing large-scale societal or environmental problems. They target sweeping, long term change rather than immediate small-scale effects
The need or opportunity for Innovation is driven by five factors
Technological advances, Intensified competition, Changing customers and needs, Strategic intent, Changing Business environments.
What are industry-specific innovation patterns?
Different industries innovate at different rates. For example, pharmaceuticals and aerospace involve longer development cycles, while software and consumer electronics require rapid, continuous innovation.
How does competition influence innovation strategies?
High competition requires aggressive innovation strategies, while industries with fewer competitors may focus more on incremental improvements and steady progress.
Why is market orientation crucial for innovation?
Understanding customer needs and market trends allows companies to align their innovation efforts with real-world demand, ensuring relevance and success.
What are the challenges faced by social entrepreneurs?
Bridging gaps between sectors, scaling up pilot projects, and securing funding from foundations or non-profits.
What is “bottom of the pyramid” innovation?
BoP innovation specifically targets the needs of the world’s poorest populations. It’s not just about creating low-cost solutions but also about addressing unique socio-economic challenges these communities face.
What is the “Rebound Effect” in environmental innovation?
The paradox where increased efficiency leads to greater overall consumption and emissions.
What are national sources of innovation?
Demand patterns, natural resources, government regulations, and innovation networks.
What is the significance of global knowledge networks in R&D?
They enable multinational firms to stay aware of global R&D developments while integrating local knowledge for complex projects.
What is frugal innovation?
Frugal innovation is about designing cost-effective, resource-efficient products and services by minimizing complexity and using fewer resources. The goal is to provide essential functionality without unnecessary features.
