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INNOVATION > INNOVATION > Flashcards

INNOVATION Flashcards

1
Q

Value of diversity in teams

A
  • Higher variation in value of outcome
  • On average there is a negative relationship between team diversity and
    innovation
  • Diverse teams generate more breakthrough innovations
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2
Q

Disruptive innovation

A

Groundbreaking that creates new markets, eventually displacing established market leaders.

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3
Q

Sustaining innovation

A

Incremental improvements or advancements made to existing products

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4
Q

Disruptive innovation (Clay Christensen)

A
  • Disruptive innovations begin either in a low-market foothold or a new-market foothold (ONLY)
  • Existing customers ignore them as not aimed at them
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5
Q

Types of innovation for companies and startups

A

Startups: Disruptive (radical)
Established companies: Sustaining (incremental)

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6
Q

5 steps of design thinking

A
  1. Empathize
  2. Define
  3. Ideate
  4. Prototype
  5. Test
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7
Q

Who to hire for innovative teams

A

T-shaped people: they have deep knowledge in one area and some knowledge in others (IDEO)

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8
Q

IDEO process rules

A
  • Enlightened trial and error
  • 3Rs of prototyping
  • Fail often succeed sooner
  • If picture worth 1k words, prototype 10k
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9
Q

3Rs of prototyping (IDEO)

A

develop a ROUGH model, RAPIDLY, and at the RIGHT price

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10
Q

Design thinking

A

More about doing that thinking. Bias toward doing and making over
thinking and meeting.

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11
Q

Importance of empathy

A

Gives ability to understand the consumer and its potential problems

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12
Q

Customer feedback

A
  • Key in design thinking
  • Time between iterations used to act on feedback
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13
Q

STP

A

Segmentation
Targeting
Positioning

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14
Q

How to find root of problem

A

5 Whys

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15
Q

Divergent Thinking

A
  • Defer judgement
  • Go for quantity
  • Make connections
  • Seek novelty
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16
Q

5 Cs Situation Analysis

A

Customers (center)
Company, Collaborators, and Competitors (around customers)
Context (around everything)

-> Gives 360 view

17
Q

Beachhead Customers

A

First customers: most likely to have the need/interest/spend money

18
Q

Target Market

A

Those most likely to buy

19
Q

Job to be done

A

Focuses on understanding the fundamental reasons why customers “hire” a product or service

20
Q

Entrepeneur mindset: 3 questions that need answering

A
  1. Are my goals well defined? (Goals)
  2. Do I have the right strategy? (Strategy)
  3. Can I execute the strategy? (Execution)

-> If answer no go to previous step

21
Q

Entrepeneur mindset

A
  • Yes We Can
  • Beg, Borrow, or Steal
  • Think Narrow
  • Problems 1st
  • No is something waiting to be turned into a YES
  • Ask for the cash and ride the float
22
Q

Value proposition

A

Communicates why customers should choose your product

23
Q

Value proposition what it its specifically

A

Specific solution that your business provides and promise of value that a customer can expect you to deliver

24
Q

Good idea

A

Creative thought to solve a problem I face
- Does it solve a problem?
- Does it fill a market gap?
- Are people willing to pay?
- Are competitors already doing it?

=> Business opportunity

25
Q

Business opportunity

A

Consider the potential of the good idea to meet the demand of the market

26
Q

Disadvs of brainstorming

A
  • Evaluation Apprehension - not expressing ideas out of fear of evaluation
  • Production blocking - idea generation is blocked while waiting for turn
  • Turn taking - rises with group size
  • Free riding
27
Q

Experimentation

A

Brainstorming and creation of prototypes

28
Q

3 ways to experiment

A

1) Try out a new experience - good for new idea generation
2) Take things apart - deconstruct ideas, products
3) Test ideas through pilots and prototypes

29
Q

Principles of experimentation

A
  • Minimize noise: isolate the element under investigation
  • Fidelity: replicate real world situation
  • Cost: reasonable
  • Iteration time: between experiments to act on feedback
  • Capacity: nº experiments at one time
  • Sequence: parallel or series
30
Q

Tradeoff in experimentation

A

Between fidelity and noise - the more fidelity, the more noise

31
Q

How to run experiment

A
  1. Formulate hypothesis
  2. Design test
  3. Assess results
32
Q

Innovation ecosystem

A

Group of interconnected actors whose collective actions produce a particular development outcome

33
Q

Why ecosystem

A

For innovative ideas to be efficiently generated, developed and tested, they require this collaborative action

34
Q

Ecosystem actors

A

Govts, civil society, private sector, universities, individual entrepreneurs etc.

35
Q

Corporate innovation

A

Enterprises experimenting with modern practices, technology, strategies, and opportunities to make existing business model more competitive in current marketplace

36
Q

Innovation culture

A

Work environment that leaders cultivate to nurture unorthodox thinking and its application (innovation can come from anyone in organization)

37
Q

Social innovation

A

New social practices that aim to meet social needs in a better way than the existing solutions

38
Q

Tech trends for innovation

A

AI
Machine Learning
Robotics
Nanotechnology
3D printing
Genetics
Biotechnology

INNOVATION (1 decks)

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