Module 3 Flashcards
(16 cards)
Define creativity in entrepreneurship.
The ability to generate original, valuable ideas that solve problems or exploit opportunities (e.g., a reusable packaging system for restaurants).
What is the preparation stage in the creative process?
The research phase where entrepreneurs gather data on market needs, trends, or gaps (e.g., analyzing why local farmers struggle with distribution).
Define incubation in creativity.
A subconscious phase where the mind processes ideas without active effort (e.g., brainstorming solutions to food waste while taking a walk).
What is an insight moment?
The sudden realization of a solution or idea (e.g., “What if we use AI to match surplus food to shelters?”)
Define validation in the creative process.
Testing an idea’s feasibility through prototypes, surveys, or pilot launches (e.g., offering a pop-up service to gauge customer interest).
Define incremental innovation.
Small, iterative improvements to existing products/services (e.g., adding a night mode to a weather app).
What is disruptive innovation?
A groundbreaking change that creates new markets or displaces established ones (e.g., Netflix replacing DVD rentals).
Define open innovation.
Collaborating with external partners (e.g., customers, universities) to develop ideas (e.g., Starbucks sourcing drink ideas from customers).
Define intellectual property (IP).
Legal protections for creations of the mind, including inventions, brands, and artistic works.
What is a patent?
A government-granted monopoly to protect inventions for a limited time (e.g., a new eco-friendly battery design).
Define trademark.
A symbol, word, or phrase legally registered to represent a brand (e.g., Nike’s “Swoosh” logo).
What is copyright?
Protection for original artistic/literary works (e.g., a software code or song lyrics).
Define trade secret.
Confidential business information that provides a competitive edge (e.g., the algorithm behind Google’s search engine).
What are micro-level factors for nurturing innovation?
Organizational practices like incentive programs (e.g., bonuses for employee ideas) or a flexible culture (e.g., hackathons).
define macro-level innovation factors.
National policies or systems supporting innovation, such as R&D tax credits or STEM education initiatives.
What is “20% time” at Google?
A policy allowing employees to spend 20% of work hours on passion projects, fostering creativity (e.g., Gmail was born this way).
