Chapter 1: Introduction

Question 0

Define technological innovation

Answer 0

Technological innovation is the act of introducing a new device, method, or material for application to commercial or practical objectives

Question 1

Define innovation

Answer 1

Innovation is the practical implementation of an idea into a new device of process.

Question 2

Externalities have an impact on society, define externalities

Answer 2

Costs (or benefits) that are borne (or reaped) by individuals other than those a responsible for creating them. For example, pollution imposes a negative externality on the community members.

Question 3

Describe the innovation funnel

Answer 3

A method of narrowing down a few product launches from a large number of ideas

Question 4

What factors have attributed to the increasing importance of innovation?

Answer 4

• globalization of markets

- advanced technologies like computer aided design and computer aided manufacturing

Question 5

Why is innovation important?

Answer 5

It is a major source of profitability and growth