Learning Cycle 1 - Fundamentals of Innovation Management and Entrepreneurial Thinking

Flashcards testing core concepts of innovation management, types of innovation, innovation models, and open innovation based on LC1 lecture slides.

According to Alan Kay, 'The best way to predict the future is to __________ it.'

create

__________ focuses on novelty and technical breakthroughs, whereas innovation requires creating real value that people are willing to adopt.

Invention

In the innovation framework by Gassmann & Friesike (2012), Innovation is formed by combining Idea, Market, and __________.

Implementation

 An innovation is the successful implementation of a novel idea that creates __________ for customers, organizations, or society.

value

__________ innovation is defined as a series of gradually built improvements to existing products, process or methods to maintain position over time.

Incremental

__________ innovation exists in the current market and, instead of creating new value networks, improves and grows the existing ones.

Sustaining

__________ innovation creates a new value network either by disrupting an existing market or creating a completely new market.

Disruptive

__________ innovation completely disrupts existing business or existing market economy and creates a new business model.

Radical

The concept of Disruptive Innovation was formulated by __________.

Clayton Christensen

Disruptive innovations are initially inferior in terms of the primary performance dimension but provide a new secondary performance dimension such as __________.

portability

In the diagram illustrating Disruptive Innovation, desktop PCs represent a __________ innovation.

Sustaining

In the Innovation Ambition Matrix, the __________ quadrant optimizes existing products for existing customers.

Core

In the Innovation Ambition Matrix, Core innovations receive a resource allocation of __________.

70%

In the Innovation Ambition Matrix, Adjacent innovations involve expanding from existing business into '__________' business.

new to company

In the Innovation Ambition Matrix, Transformational innovations generate a return on investment of __________.

70%

In the Innovation Ambition Matrix diagram, the quadrant that receives 20% resource allocation and yields 20% return on investment is __________.

Adjacent

The three main phases of an innovation process are Idea, Concept Development, and __________.

Concept to Launch

In the coupling model of innovation, __________ is driven by state of the art in technology and production.

Technology Push

In the coupling model of innovation, __________ is driven by the need of society and the marketplace.

Market Pull

Jeanne Liedtka notes that typical elements of design thinking include ethnographical observation, ideation, and __________.

prototyping

Henry Chesbrough is known as the father of the __________ concept.

Open Innovation

In the Open Innovation process, converting complex R&D problems into simpler technical questions occurs during the __________ step.

Formulate & Broadcast