Lesson 1 Flashcards
the process and outcome of creating something new
innovation
managing or running something principally for financial gain
commercialization
“innovation comes about thru new combinations made by an entrepreneur resulting in
new product,
new process,
market opening,
new way of organization business,
new sources of supply
joseph schumpeter
use of imagination or original ideas, especially in the production of an artistic work
creativity
“Creativity means coming up with a new idea. Innovation is taking this novel idea, and solving customer pain points and creating value.”
Adam Gutman
Dimensions of innovation
Product/services
Process
Strategy
outcome of an idea
product/services
way of an outcome of idea
process
the medium of the way of outcome of an idea
strategy
Drivers of Innovation
Financial pressure
Increased competition
Shorter product life cycle
Stricter regulation
value migration
demographic, social, and market changes
expectations regarding service and quality
changing economy
Issues and Problems in Rise of Innovation
More Focused on S&T
Product of well identified research
University-industry partnerships
“Failing to involve customers and their feedback from literally the first day of startup’s life”
Steve Blank
Main goal as an innovator
Market validation
Technical validation
Customer Development Model
Customer Discovery
Customer Validation
Customer Creation
Company Building
