What is effectuation?

Putting a set of given means into effect.

Innovation is an application of better solutions.

A driving force defining the world today and that of tomorrow.

What is the main difference between invention and innovation?

Innovation turns an invention into something useful.

What an empathy map used for?

For combining and analysing knowledge of our customers/users.

What is meant by 'freedom to operate'?

Being able to start a firm without infringing the IP rights of others.

What is a breakeven point?

when costs/expenses equal revenues.

What is the key difference between demand-pull and science-push innovation?

Demand-pull responds to needs, science-push starts from new knowledge.

What does value capture from innovation refer to?

Turning innovation into economic or strategic benefit.

How are innovation and entrepreneurship connected?

Entrepreneurs apply innovation to create value and new ventures.

According to Osterwalder and Pigneur the business model environment consists of 4 key areas. Which are they?

Key Trends, Market forces, Industry Forces, Macro-econ. Forces

A business model is....?

The recipe of how you run your business.

What is the primary goal of Design Thinking?

To solve problems with a user-centered approach.

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Innovation & Entrepreneurship

17 termsStudBud Administration59 plays

Created for an intro lecture into I&E

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Questions 17

Answers

1
What is effectuation?
Being effective.
It describes how managers think.
It is about setting goals and achieving them.
Putting a set of given means into effect.
2
What is innovation?
Innovation is easy to copy.
Innovation is an application of better solutions.
Innovation is about inventing something totally new.
Innovations is about recombining knowledge.
3
What is a megatrend?
Tools for understanding customers' needs.
Megatrends are dangerous for entrepreneurs.
Megatrends are short term in nature.
A driving force defining the world today and that of tomorrow.
4
What is the main difference between invention and innovation?
Innovation happens primarily in large companies.
Innovation turns an invention into something useful.
Invention is cheaper than innovation.
Invention always involves technology, innovation does not.
5
What an empathy map used for?
For building a prototype.
For finding new business opportunities.
For mapping multiple stakeholders.
For combining and analysing knowledge of our customers/users.
6
What main types of costs you need to consider in the cost structure of your business model?
Costs of delivering the products, costs for customer channels.
Fixed and variable costs.
Cost per unit, cost of buying supplies
HR costs, facility management costs.
7
Patents are the weakest way to protect your inventions.
True
False
8
Which of the following is a common type of funding for early-stage entrepreneurs?
Customer loyalty programs.
Venture capital.
Government subsidies.
Bank dividends.
9
What is meant by 'freedom to operate'?
Whether Research & Development and commercialization is possible.
Being free to target specific customer segments.
Being able to start a firm without infringing the IP rights of others.
The availability of resources.
10
What is a breakeven point?
the point of no return.
When you have paid for your IPR.
It is when you get your first customer.
when costs/expenses equal revenues.
11
What is the key difference between demand-pull and science-push innovation?
They are two names for the same process.
Demand-pull comes from research, science-push from the market.
Science-push is driven by users, demand-pull by scientists.
Demand-pull responds to needs, science-push starts from new knowledge.
12
What does value capture from innovation refer to?
Generating ideas through brainstorming.
Protecting knowledge to prevent spillovers.
Sharing innovation freely with all stakeholders.
Turning innovation into economic or strategic benefit.
13
How are innovation and entrepreneurship connected?
Innovation replaces the need for entrepreneurship.
Only large companies use innovation, not entrepreneurs.
Entrepreneurs apply innovation to create value and new ventures.
Innovation stops once entrepreneurship begins.
14
Human-Centered Design focuses primarily on technical feasibility.
True
False
15
According to Osterwalder and Pigneur the business model environment consists of 4 key areas. Which are they?
Economy, Industry, Customers, Users
Megatrends, Sustainability trends, Industry Forces, Global Economy
Customers, Suppliers, Banks, Competitors
Key Trends, Market forces, Industry Forces, Macro-econ. Forces
16
A business model is....?
The set of means you need to create social value.
The logics of how to make money.
The way you build relationships with your customers.
The recipe of how you run your business.
17
What is the primary goal of Design Thinking?
To maximize profits quickly.
To avoid user involvement in early stages.
To solve problems with a user-centered approach.
To create detailed technical specifications.

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