1- Introduction to Innovation Flashcards
It is the process and outcome of creating something new.
INNOVATION
It is the successfully implementing a new idea and creating value for your customers and stakeholders.
- plan for an improved product or service.
- updated method for running your operations.
- be a new business model.
- can touch on any part of your business.
INNOVATION
Entrepreneurship only needs to involve:
COMMERCIALIZATION
-managing or running something principally for financial gain
Entrepreneurship with Innovation involves the whole process of:
- Opportunity Identification
-Idealization/ Invention to Develop
-Prototyping
-Production Marketing and Sales
He is the Former Finance Minister of German-Austria who said that “Innovation comes through new combinations made by an entrepreneur”
JOSEPH SCHUMPETER
According to Joseph Schumpeter, “Innovation comes about through new combinations made by an entrepreneur, resulting in:
-New Product
-New Process
-Market Opening
-New Way of Organization a Business
-New Source of Supply
It is the use of the imagination or original ideas, especially in the production of an artistic work.
CREATIVITY
The tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in:
-Solving Problems
-Communication with others
-Shines Light on New Opportunities
CREATIVITY
A society that has lost touch with its creative side is an ____________, in that generations of people may be closed minded.
IMPRISONED SOCIETY
According to ___________, “ Some people think that creativity and innovation are synonyms. They are not. Creativity means coming up with a new idea. Innovation is taking this novel idea, and solving customer pain points and creating value.”
ADAM GUTMAN
Assistant Vice President, BDC Innovation
What are the dimensions of Innovation?
- Product/Services - the outcome of an idea
- Process- the way of an outcome of idea
- Strategy- the medium of the way of outcome of an idea
What are the drivers of innovation? How can we think of an innovation action?
- Financial Pressure- to reduce costs and increase efficiency
- Increased competition- to stand out among others
- Value migration- to discern what a customer needs
- Shorter Product Life Cycle- to set a new standard
- Stricter Regulation- how to pass the regulation
- Demographic, Social, and Market Changes
- Expectations regarding Service and Quality
- Changing Economy- to pair up with the current economy
Issues and Problems in rise of Innovation:
- More focused on Science and Technology
- Product of Well Identified Research
- University-Industry Partnerships
According to ________________, “Failing to involve customers and their feedback from literally the first day of startup’s life” and “Get out of the building and talk to the only folks who matter- your customers.”
STEVE BLANK
Technopreneur, Author of the “The Startup Owners Manual”
Main goal of an Innovator:
- Market Validation
-Customers
-Investors
-Sponsors - Technical Validation
-Specifications
-Testing
-Production
