Lecture: Innovation and Entrepreneurship
10 important questions on Lecture: Innovation and Entrepreneurship
What can you say about the term 'innovation'?
- Numerous examples, differ between people
- Key characteristic all deninitons:
- the successful application of a (new) idea, which intersects invention and insights, to create (social/ecological/economical) value.
What are characteristics of radical innovation?
- Science PUSH
- Significant breakthrough
- Changes market/people opinions/ perspective s
What are 5 types of innovation in order from incremental to radical?
- Me-too products
- New packaging solutions
- Line extensions
- Co-innovation
- True innovation
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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Give an example of me-too product innovation?
- Same product differetn brand
Give an example of a new packaging solution?
- new packaging concepts for familiar products
Give an example of a line extension innovation?
- innovation of familiar products that are slightly changed e.g. New flavour, ingredient
Give an example of a co-innovation innovation?
- join efforts and creat a new product by combining their products
Give an example of truly innovative product innovation?
- Products resulting from more radical changes
- The design process is generally longer and more expensive
Why should you innovate? Give 4 reasons.
- For economic growth
- To compete in a changing market
- Cost-cutting is not sufficient anymore
- To take advantage of new opportunities
What is closed innovation?
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
