ch 12 innovation and corp entrepreneurship Flashcards
radical innovation
an innovation that fundamentally changes existing practices
incremental innovation
an innovation that enhances existing practices or makes small improvements in products and processes
strategic envelope
a firm specific view of innovation that defines how a firm can create new knowledge and learn from an innovation initiative even if the project fails
corporate entrepreneurship
pursuit of new venture opportunities and strategic renewal
focused approaches to CE
the venturing entity is separate from other ongoing operations of firm
new venture group
group within a corporation that identifies, evaluates, and cultivates venture opportunities
business incubator
a corporate new venture group that supports fledgling entrepreneurial ventures until they can thrive on their own
dispersed approaches to CE
CE in which a dedication to the principles and policies of entrepreneurship is spread throughout the organization
entrepreneurial culture
a culture in which change and renewal are a constant focus of attention
product champion
individuals working within a corporation who bring entrepreneurial ideas forward, identify markets, find resources, and promote venture to management
exit champion
question the viability of a venture project, demand evidence and challenge systems
back solver dilemma
problem with investment decisions, scheme to have project meet criteria even if it may not add firm value
managerial conceit
biases or blind spots that lead to poor managerial decisions
escalation of commitment
managers tendency to stick with decisions even if criteria is not being met
entrepreneurial orientation
the practice that businesses use in identifying and launching corporate ventures
