Fundamentals of Innovation and Entrepreneurship Overview

A set of practice flashcards for key concepts and terms in Innovation and Entrepreneurship.

Innovation

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

Creativity

The capacity to produce new, unique, and useful ideas.

Implementation

The practical execution of an idea into a real product, service, or process.

Effectuation

A way of thinking that accepts the future as unpredictable, treating ideas as experiments rather than predictions.

Customer Development Model

A model that emphasizes understanding customer needs and validating business ideas through engagement and feedback.

Lean Startup Method

An approach to developing businesses and products that aims to shorten product development cycles and quickly discover if a proposed business model is feasible.

Design Thinking

A process for creative problem solving that includes stages like Empathy, Define, Ideate, Prototype, and Test.

Business Model Canvas

A conceptual framework that describes how a company creates, delivers, and extracts value.

Opportunity

An apparent way of generating value through unique, novel, or desirable products and services.

Triple Pillar of Sustainable Entrepreneurship

A framework that focuses on creating goods and services with economic, social, and environmental considerations.

Prototype

An early sample of a product built to test a concept, gather feedback, and learn from.

MVP (Minimum Viable Product)

A version of a product with just enough features to be usable by early customers who can then provide feedback.

Radical Innovation

The introduction of revolutionary ideas that significantly change the market or industry.

Incremental Innovation

The gradual improvement or adaptation of existing products and services.

Bootstrapping

The process of building a business from the ground up with personal savings or operating revenue, without external investment.

Crowdfunding

The practice of funding a project or venture by raising money from a large number of people, typically via the Internet.