Glossary Key Terms

Bootstrapping: Self-funding a startup using personal savings and minimizing expenses.

Brainstorming: A group creativity technique for generating a large number of ideas.

Business Angel: A wealthy individual who invests in early-stage startups, offering capital and expertise.

Business Model: A description of how an organization creates, delivers, and captures value.

Business Plan: A formal document detailing how a business will implement its strategy.

Causation: An entrepreneurial approach that starts with predefined goals and plans.

Copyright: Legal protection for creative works, such as books and music.

Crowdfunding: Raising capital through many small investments from a large group of people.

Effectuation: An entrepreneurial approach that begins with available resources and adapts to opportunities.

Ecosystem Resources: Supportive elements for startups like manpower, R&D, and funding.

Entrepreneur: An individual who starts and manages a new business venture, taking on financial risks.

Incubator: An organization that provides resources, mentorship, and networking to startups.

Intrapreneur: An employee who innovates within an existing organization using its resources.

Innovation: The implementation of a new idea or method, often resulting in value creation.

Lean Startup: A methodology focused on experimentation and iterative product development.

Megatrends: Long-term, transformative trends that shape societal development.

Minimum Viable Product (MVP): A basic version of a product used to test customer response.

Open Innovation: Combining internal and external ideas to enhance innovation.

Patent: Legal protection for technical inventions, granting exclusive rights.

Process Innovation: Improvements to production or operational processes.

Product Innovation: The introduction of new or improved goods or services.

Prototyping: Creating early models of a product to test design and functionality.

Silverpreneurship: Entrepreneurship ventures undertaken later in life (40s and 50s).

Social Entrepreneurship: Combining entrepreneurial efforts to address societal challenges.

Stage-Gate Approach: A structured innovation process with defined stages and decision checkpoints.

Sustainable Entrepreneurship: Balancing economic, social, and environmental goals.

Technology Push: Innovation driven by technological advancements.

Technology Intelligence: The process of recognizing technological trends and discontinuities.

Trademark: Legal protection for signs, logos, and other brand identifiers.

Validated Learning: Empirical data that demonstrates value and validates a concept.

Value Proposition: The benefits and value a product or service offers to its customers.

Venture Capital: Investment in high-growth startups with significant potential.