Technology and Innovation
Public flashcard deck about Technology and Innovation. 8 cards.
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What is the primary difference between invention and innovation?
Invention is the creation of a new idea or product, while innovation is the implementation of that new idea or product into a market or society, often leading to improvement or change.
Define 'disruptive innovation' in your own words.
Disruptive innovation refers to a new product or service that initially targets overlooked segments of the market and eventually displaces established market-leading firms, products, and alliances.
What is the 'S-curve' of technology adoption, and what does it represent?
The S-curve describes the typical pattern of technology adoption over time, starting slow, accelerating rapidly, and then slowing down as market saturation is reached. It represents the lifecycle of a technology's market penetration.
Explain the concept of 'open innovation'.
Open innovation is a paradigm that assumes firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology.
What is the role of 'network effects' in technological innovation?
Network effects occur when the value of a product or service increases as more people use it. This can create powerful advantages for early adopters and lead to rapid growth and market dominance for successful technologies.
Describe 'lean startup' methodology and its impact on innovation.
The lean startup methodology is a process for developing products and businesses that emphasizes rapid prototyping, iterative product testing, and customer feedback to minimize waste and accelerate learning and innovation.