10 good questions and answers: "Lecture: Innovation and Entrepreneurship"

What can you say about the term 'innovation'?
  • Numerous examples, differ between people
  • Key characteristic all deninitons:
    • the successful application of a (new) idea, which intersects invention and insights, to create (social/ecological/economical) value.
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What are characteristics of radical innovation?
  • Science PUSH
  • Significant breakthrough
  • Changes market/people opinions/ perspective s
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What are 5 types of innovation in order from incremental to radical?
  1. Me-too products
  2. New packaging solutions
  3. Line extensions
  4. Co-innovation
  5. True innovation
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Give an example of me-too product innovation?
Lemon-flavoured mineral water

  • Same product differetn brand
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Give an example of a new packaging solution?
Bigger or smaller (on-the-go) packaging

  • new packaging concepts for familiar products
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Give an example of a line extension innovation?
Coca-Cola life

  • innovation of familiar products that are slightly changed e.g. New flavour, ingredient
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Give an example of a co-innovation innovation?
Smartie yoghurt

  • join efforts and creat a new product by combining their products
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Give an example of truly innovative product innovation?
Yakult

  • Products resulting from more radical changes
    • The design process is generally longer and more expensive
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Why should you innovate? Give 4 reasons.
  • For economic growth
  • To compete in a changing market
  • Cost-cutting is not sufficient anymore
  • To take advantage of new opportunities
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What is closed innovation?
Ideas and innovations only regard the already existing markets. As such, there are firm boundaries between reach and development.
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