C208 - Section 4 Innovation & Entrepreneurial Process

Creativity

The ability to generate original, useful, and valuable ideas. It involves thinking in new ways and identifying possibilities that can solve problems or create opportunities.

Innovation

The process of turning creative ideas into products, services, processes, or solutions that create value for an organization, customers, or society.

Incremental innovation

Making small, continuous improvements to existing products, services, processes, or business practices. It focuses on enhancing what already exists rather than creating something entirely new.

Semi-radical innovation

Combines significant change in either technology or the business model while leaving the other largely unchanged. It represents a greater departure from existing practices than incremental innovation but is less disruptive than radical innovation.

Radical innovation

Involves major changes to both technology and business models, creating entirely new products, markets, or ways of doing business. Radical innovations often transform industries and disrupt existing competitors.

Roger's adoption curve

A model that explains how new innovations are adopted over time by different groups of users: innovators, early adopters, early majority, late majority, and laggards.

Christensen's Innovator's Dilemma

The challenge organizations face when successful existing products and customers discourage them from investing in disruptive innovations that may initially appear less profitable but could eventually transform the market.

Open and Closed innovation

Open Innovation is an approach in which organizations use both internal and external ideas, knowledge, and partnerships to develop innovations.

Closed Innovation is an approach in which innovation is developed primarily within the organization using internal resources, expertise, and processes.

Skunkworks

A small, autonomous team that operates outside normal organizational structures and procedures to pursue innovative, high-risk, or breakthrough projects with greater flexibility and secrecy.

Public sector innovation

The development and implementation of new ideas, services, processes, or technologies within government and public organizations to improve efficiency, effectiveness, and public outcomes.

Social innovation

The use of creative thinking to develop and implement solutions that address social, environmental, or community challenges and create positive societal impact.

innovation leadership

the practice of guiding and supporting individuals and teams in generating, developing, and implementing new ideas that create value for an organization

Organizational culture

the shared values, beliefs, norms, and behaviors that influence how people work, interact, and make decisions within an organization

creativity

the ability to generate original, useful, and valuable ideas by thinking in new or different ways

innovation measurement cycle

a continuous process of tracking, evaluating, and improving innovation efforts by measuring inputs, activities, outcomes, and results to determine the effectiveness of innovation initiatives

Corridor Principle

The principle that pursuing one opportunity often leads to the discovery of additional opportunities that were not visible at the start. 

Feasibility

the extent to which an idea or project is realistic and capable of being successfully implemented

sole proprietorship

a business owned and operated by a single individual

partnership

two or more people who own and operate a business together

corporation

a legal entity separate from its owners (shareholders) and operated by officers, directors, and managers

Limited Liability Company (LLC)

Combines features of proprietorships, partnerships, and corporations

first mover strategy 

sets the goal to enter the market first, even if the product is not yet perfected, to build awareness and relationship with customers

second mover strategy

involves waiting to enter a new market until the first mover has shown success there, and then entering with a better or improved product or service

debt financing

when you borrow money that must be repaid over time, usually with interest. Debt is non-dilutive, meaning that there is no dilution of company ownership.

equity financing 

when you raise money by selling a share of ownership in the business. Equity is less expensive than debt in the short-term.

social innovation

the use of creative thinking to develop and implement solutions that address social, environmental, or community challenges

public entrepreneurship

the application of entrepreneurial thinking and innovation within the public sector to create value for citizens and improve public outcomes

sustainability in entrepreneurship

the practice of building and operating a business that generates long-term value while minimizing negative environmental and social impacts