Innovation and Entrepreneurship Review

Flashcards based on lecture notes about innovation and entrepreneurship.

Entrepreneurship

The proactive identification of opportunities and the undertaking of initiatives that drive growth and transformation.

Why are innovation and entrepreneurship crucial to economic growth?

Replacing outdated systems with new, efficient ones; creating new markets and industries; enhancing productivity and competitiveness; and fostering technological advancement

What role should governments play in supporting innovation and entrepreneurship?

Provide financial incentives, create a favorable regulatory environment, invest in education and training, promote collaboration, and support gazelle firms

According to the Innovator’s DNA framework, what are the key attributes needed to succeed as an entrepreneur and innovator?

Associating, questioning, observing, experimenting, and networking.

What does Porter’s Diamond Model outline?

The interrelated factors that contribute to national competitive advantage in industries: Factor Conditions, Demand Conditions, Related and Supporting Industries, and Firm Strategy, Structure, and Rivalry

What policy actions can the government take to create a competitive industry based on Porter's Diamond Model?

Fund research institutions, develop technical apprenticeship programs, encourage cluster development, enforce high-quality standards, offer targeted tax incentives, and promote export competitiveness.

What are the three elements that influence individual creativity?

Expertise, problem-solving ability, and motivation.

Why should governments support R&D-intensive clusters?

Concentrate interconnected companies, universities, and institutions in a specific field, fostering rapid innovation and entrepreneurship.

What are different funding opportunities available for startups?

Grants, family/friends, personal savings, loans, angel investors, venture capitalists, and crowdfunding.

What is corporate venturing?

New businesses formed within the company or outside the company; investment in external startups, Strategic Impact: Encourages entrepreneurial culture and innovation.

What is a reason to choose Angel Investment?

Angel Investment provides capital without repayment obligations. Offers access to experienced mentors and valuable networks. Encourages rapid growth and strategic development. Suitable for ventures with high potential but limited initial resources.

How can Bricolage help mitigate resource constraints within an organization?

Utilizing existing resources creatively, recombining tools and materials in innovative ways, encouraging problem-solving and adaptability, and reducing dependency on external funding or assets.

What are the main factors that have led to the success of Apple?

Focus, simplicity, Intuition, reinventing High-Performance Environment

What aspects of 3M’s approach for developing and sustaining innovation could be adopted by your organization?

Innovation as a Core Objective: Set clear innovation goals. Leadership Commitment: Ensure top managers prioritize innovation . Encouraging Experimentation: Promote a culture that tolerates mistakes and supports risk-taking. Employee Empowerment: Implement policies like the “15% rule” Resource Support: Provide small grants and access to equipment Dual Promotion System: Recognize and reward technical contributions

What are Management Innovation opportunities within your organization?

Creating a Problem-Solving Culture: Encourage employees to challenge norms. Cross-Sector Learning: Use analogies from other industries. Low-Risk Experimentation: Pilot new ideas on a small scale. External Collaboration: Engage consultants or academics to bring fresh perspectives and validate new approaches

How is knowledge managed within your organization?

Codification involves storing knowledge in databases and documents Personalization focuses on sharing knowledge through interpersonal interactions.

What are the characteristics of Entrepreneurial Universities?

Commercialization of research through spin-out companies and science parks. Alignment with industry and government. Focus on employability.

Who are considered Lead Users?

Individuals or groups ahead of market trends with unique needs and the capability to innovate solutions.

What aspects of Lego’s approach for developing innovation through collaboration could your organization adopt?

User Involvement, Knowledge Sharing Culture, Digital Knowledge Platforms, Leadership Support, Recognition Programs these practices foster creativity.

What is the difference between open innovation and user-centered innovation?

Open Innovation involves sourcing ideas from external entities User-Centered Innovation focuses on end-users who innovate based on their needs and experiences.

What are the different types of intellectual property?

Copyright, trademarks, registered designs, patents.

What might the organizational barriers and strategic risks associated with implementing Open Innovation be for your organization?

Resistance to external ideas, fear of IP leakage, Lack of absorptive capacity, Misalignment with existing business models, it can be solved by Fostering a culture of collaboration and learning.

Examples of the NIH Syndrome

Software solution-delays, higher costs, and inferior performance. Impact: Missed opportunities and Reduced efficiency Promote awareness of external innovation benefits and Recognize and reward openness to external ideas.

What is Disruptive Innovation?

It starts with simpler, more affordable, and accessible solutions that appeal to underserved or new customers

What are the stages of the S-Curve Model?

Early Stage: Slow progress despite high effort, Growth Stage: Rapid improvement and Maturity Stage: Diminishing returns

Explain the Three Horizons Model for innovation and growth management.

Horizon 1: Focuses on core business Emphasizes incremental improvements Horizon 2: Targets emerging opportunities Horizon 3: Explores radical innovations and future technologies

Define the chasm stage within the technology adoption curve.

Technology loses novelty but hasn’t yet gained mainstream trust. Focus on a specific niche and Build strong use cases.

Differentiate between the Tornado and Bowling Alley phases in market adoption

Bowling Alley Phase: Technology gains traction in a niche market and Tornado Phase: Technology achieves mass adoption and rapid growth

Discuss the specific benefits a company gains through technological leadership

Learning Curve Advantage, Patent Protection, Market Differentiation, Brand Prestige and Early Customer Loyalty: