(2) Lesson 1: Introduction to Innovation

Question 1

the process and outcome of creating something new

Answer 1

innovation

Question 2

successfully implementing a new idea and creating value for your customers and stakeholders

Answer 2

innovation

Question 3

innovation involves:

Answer 3

• 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

Question 4

to involve the capacity to quickly adopting new things to products, process, strategies, organization

Answer 4

innovation

Question 5

entrepreneurship only needs to involve:

Answer 5

commercialization

Question 6

managing or running something principally for financial gain

Answer 6

commercialization

Question 7

entrepreneurship with innovation involves the whole process of:

Answer 7

• opportunity identification
• idealization/invention to develop
• prototyping
• production marketing and sales

Question 8

former Finance Minister of German-Austria

Answer 8

Joseph Schumpeter

Question 9

“innovation comes about through new combinations made by an entrepreneur , resulting in: _____, _____, _____, _____, and _____.
- Joseph Schumpeter

Answer 9

• new product
• new process
• market opening
• new way of organization (organizing) a business
• new sources of supply

Question 10

“Innovation comes about through new combinations made by an entrepreneur , resulting in: new product, new process, market opening, new way of organization a business, and new sources of supply.”

Answer 10

Joseph Schumpeter

Question 11

the use of the imagination or original ideas, especially in the production of an artistic work

Answer 11

creativity

Question 12

tendency to generate or recognize ideas, alternatives, or possibilities

Answer 12

creativity

Question 13

creativity is useful in:

Answer 13

• solving problems
• communicating with others
• shines light on new opportunities

Question 14

a society that has lost touch with its _____ is an _____, in that generations of people may be _____

Answer 14

• creative side
• imprisoned society
• closed minded

Question 15

Assistant Vice President of BDC Innovation

Answer 15

Adam Gutman

Question 16

“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.”

Answer 16

Adam Gutman

Question 17

coming up with a new idea

Answer 17

creativity

Question 18

taking the novel idea, and solving customer pain points and creating value

Answer 18

innovation

Question 19

three dimensions of innovation

Answer 19

• product or services
• process
• strategy

Question 20

a dimension of innovation which refers to the outcome of an idea

Answer 20

product or services

Question 21

a dimension of innovation which refers to the way of an outcome of idea

Answer 21

process

Question 22

a dimension of innovation which refers to the medium of the way of outcome of an idea

Answer 22

strategy

Question 23

drivers of innovation

Answer 23

• financial pressure
• increased competition
• shorter product life cycle
• value migration
• stricter regulation
• demographic, social, and market changes
• expectations regarding service and quality
• changing economy

Question 24

a driver of innovation which means to reduce costs and increase efficiency

Answer 24

financial pressure

Question 25

a driver of innovation which means to stand out among others

Answer 25

increased competition

Question 26

a driver of innovation which means to set new standard

Answer 26

shorter product life cycle

Question 27

a driver of innovation which means to discern what a customer needs

Answer 27

value migration

Question 28

a driver of innovation which means how to pass the regulation

Answer 28

stricter regulation

Question 29

a driver of innovation which means to pair up with the current economy

Answer 29

changing economy

Question 30

issues and problems in rise of innovation

Answer 30

* more focused on science and technology * product of well-identified research * university-industry partnerships

Question 31

greater emphasis on commercializing scientific discoveries, especially in information technology and bio-sciences

Answer 31

more focused on science and technology

Question 32

speed and potential value of scientific progress leads to emphasis on solid and well designed portfolios of research projects

Answer 32

product of well identified research

Question 33

universities as active drivers of innovation: academic entrepreneurship and entrepreneurial university

Answer 33

university-industry partnerships

Question 34

a technopreneur and the author of “The Startup Owners Manual”

Answer 34

Steve Blank

Question 35

"Failing to involve customers and their feedback from literally the first day of startup's life."

Answer 35

Steve Blank

Question 35

"Get out of the building and talk to the only folks who matter- your customers."

Answer 35

Steve Blank

Question 36

two main goals as an innovator

Answer 36

* market validation * technical validation

Question 37

main goal as an innovator that involves customers, investors, and sponsors

Answer 37

market validation

Question 37

main goal as an innovator that involves specifications, testing, and production

Answer 37

technical validation

Question 38

what is the customer development model

Answer 38

* customer discovery * customer validation * customer creation * company building

Question 39

customer discovery involves:

Answer 39

* state your hypothesis * test "problem" hypothesis * test "product" hypothesis * verify

Question 40

customer validation involves:

Answer 40

* get ready to sell * sell to "earlyvangelists" * develop positioning * verify

Question 41

customer creation involves:

Answer 41

* getting ready * position * launch * create demand

Question 42

company building involves:

Answer 42

* mainstream customers * management/culture * functional departments * fast response departments