Key Concepts in Corporate Entrepreneurship and Innovation

Advancements in financial systems

Improvements in the efficiency, speed, and accessibility of financial transactions and services.

Example of advancements in financial systems

The rise of cashless payment systems like Apple Pay and digital currencies such as Bitcoin.

Advancements in logistical systems

Innovations in the movement and storage of goods, leading to greater efficiency and reach.

Example of advancements in logistical systems

Container shipping and advanced tracking technologies that enable just-in-time delivery.

Advancements in production systems

Modern manufacturing methods that optimize inventory and production flow.

Example of advancements in production systems

A system where car parts arrive at the assembly line just as they are needed, minimizing storage.

Advancements in prototyping

Technologies that enable rapid creation of product prototypes.

Example of advancements in prototyping

Using a 3D printer to quickly produce a model of a new product design.

Boston Consulting Group matrix

A tool for analyzing a company's product portfolio based on market share and growth.

Example of Boston Consulting Group matrix

A high-growth product with a low market share is a 'question mark.'

Characteristics of high-performance teams

Qualities that contribute to effective teamwork.

Example of characteristics of high-performance teams

Clear goals, open communication, and mutual trust among team members.

Competitor/competing product analysis

Evaluating the strengths and weaknesses of competitors and their products.

Example of competitor/competing product analysis

A company analyzing a competitor's pricing, features, and market share.

Conflict management/resolution strategies

Techniques for addressing conflicts within teams or organizations.

Example of conflict management/resolution strategies

Confrontation, compromise, smoothing, forcing, and avoiding.

Conformity/peer pressure

The influence of group norms on individual behavior.

Example of conformity/peer pressure

Team members going along with a decision they disagree with to avoid conflict.

Customer/market segment analysis

Identifying and understanding target customer groups.

Example of customer/market segment analysis

A company researching the demographics and preferences of its customer base.

Design Patent

Protection for the ornamental design of a functional item.

Example of Design Patent

A patent on the unique shape of a bottle.

Disruptive effects of digitalization and the internet

The transformative impact of digital technologies on industries.

Example of disruptive effects of digitalization and the internet

The shift from physical stores to e-commerce.

Diversity and creativity of R&D project teams

The relationship between team diversity and innovative output.

Example of diversity and creativity of R&D project teams

A team with members from different backgrounds generating more creative ideas.

Division of labor

The allocation of tasks to increase efficiency.

First to file

A patent system where the first inventor to file gets the patent.

GANTT Chart

A project management tool for visualizing project schedules.

Innovation advantages of large and established companies

Resources and capabilities that enable large companies to innovate.

Intellectual property (IP)

Intangible assets that protect innovations.

Manufacturing trends in North America

Changes in manufacturing practices in North America.

Market entry: 'Best heats first'

Entering a market quickly and decisively.

Market estimates for new products

Forecasting the potential demand for a new product.

Market segment characteristics/dimensions

Variables used to define market segments.

NAICS codes

Codes used to classify businesses by industry.

Patent application process

The steps involved in obtaining a patent.

Patent Cooperation Treaty (PCT)

An international treaty that simplifies filing patents in multiple countries.

Patent litigation

Legal disputes related to patents.

Patent trends

Differences in patent activity and effectiveness across countries.

Patents

Exclusive rights granted for an invention.

Peer pressure and team creativity/decision quality

The impact of group influence on team innovation and choices.

Plant patents

Protection for new varieties of asexually reproducing plants.

Portfolio analysis techniques

Methods for evaluating a company's collection of businesses or products.

Portfolio management of R&D projects

Selecting and managing a mix of R&D projects.

Post-mortem meetings

Reviews conducted after project completion to identify lessons learned.

Primary vs secondary data

Original data collected firsthand versus data collected by someone else.

Proactive business strategies

Anticipating and acting on future market needs.

Product life cycle

The stages a product goes through from introduction to decline.

Project leadership (dynamics, complexities)

The skills and challenges involved in leading project teams.

Project life cycle

The stages a project goes through from initiation to closure.

Project management challenges

Difficulties encountered in planning, executing, and closing a project.

Project meeting ground rules

Guidelines for effective and productive project meetings.

Project milestones

Significant points or events in a project's timeline.

Project plan

A document that outlines a project's goals, tasks, resources, and schedule.

Project risk analysis

Identifying and assessing potential risks to a project.

Project scheduling

Developing a timeline for project tasks and milestones.

Project Scope Definition

Project scope outlines the key elements of a project, including its goals, boundaries, tasks, deliverables, and strategies for managing workflows.

Project Time Management

Project time management involves the processes required to manage the timely completion of a project.

Provisional Patent Application

A legal document filed with the United States Patent and Trademark Office (USPTO) that allows an inventor to establish an early filing date for their invention without starting the formal patent examination process.

R&D Collaborations

Research and Development (R&D) collaborations involve partnerships between companies, academic institutions, or other organizations to jointly conduct research and develop new products, services, or technologies.

Reactive Business Strategies

Reactive business strategies are approaches where a company responds to events or changes in the business environment after they occur, rather than anticipating them.

Strategic Group Analysis

A method used to categorize companies within an industry that have similar business models or strategies.

Competitive Dynamics

It helps in understanding the competitive dynamics and identifying direct competitors.

Substitute Products

Substitute products are different products or services that satisfy the same customer need or desire.

SWOT Analysis

SWOT analysis is a strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.

Team Conflict Management

Team conflict management involves addressing and resolving disagreements among team members in a constructive manner.

Team Development Stages

The team development stages, often referred to as Tuckman's stages, describe the phases that teams typically go through as they form and evolve: Forming, Storming, Norming, Performing, and Adjourning.

Team Management Roles

Team management roles refer to the various functions and responsibilities that leaders or managers undertake to facilitate effective teamwork.

Trade Secrets

Trade secrets are confidential business information that provides a company with a competitive edge.

Types of Corporate Diversification

Corporate diversification involves a company expanding into new markets or product lines.

Concentric Diversification

Expanding into related industries or products.

Conglomerate Diversification

Expanding into unrelated industries or products.

U.S. Patent System Strengths

The U.S. patent system provides strong intellectual property protections, encouraging innovation by granting exclusive rights to inventors.

U.S. Patent System Weaknesses

It has weaknesses, such as long processing times, high costs, and occasional issues with patent quality.

Utility Patent

A utility patent protects the functional aspects of an invention, such as a new process, machine, or composition of matter.