INNOVATION

Question 1

Value of diversity in teams

Answer 1

• Higher variation in value of outcome
• On average there is a negative relationship between team diversity and
  innovation
• Diverse teams generate more breakthrough innovations

Question 2

Disruptive innovation

Answer 2

Groundbreaking that creates new markets, eventually displacing established market leaders.

Question 3

Sustaining innovation

Answer 3

Incremental improvements or advancements made to existing products

Question 4

Disruptive innovation (Clay Christensen)

Answer 4

• Disruptive innovations begin either in a low-market foothold or a new-market foothold (ONLY)
• Existing customers ignore them as not aimed at them

Question 5

Types of innovation for companies and startups

Answer 5

Startups: Disruptive (radical)
Established companies: Sustaining (incremental)

Question 6

5 steps of design thinking

Answer 6

1. Empathize
2. Define
3. Ideate
4. Prototype
5. Test

Question 7

Who to hire for innovative teams

Answer 7

T-shaped people: they have deep knowledge in one area and some knowledge in others (IDEO)

Question 8

IDEO process rules

Answer 8

• Enlightened trial and error
• 3Rs of prototyping
• Fail often succeed sooner
• If picture worth 1k words, prototype 10k

Question 9

3Rs of prototyping (IDEO)

Answer 9

develop a ROUGH model, RAPIDLY, and at the RIGHT price

Question 10

Design thinking

Answer 10

More about doing that thinking. Bias toward doing and making over
thinking and meeting.

Question 11

Importance of empathy

Answer 11

Gives ability to understand the consumer and its potential problems

Question 12

Customer feedback

Answer 12

• Key in design thinking
• Time between iterations used to act on feedback

Question 13

STP

Answer 13

Segmentation
Targeting
Positioning

Question 14

How to find root of problem

Answer 14

5 Whys

Question 15

Divergent Thinking

Answer 15

• Defer judgement
• Go for quantity
• Make connections
• Seek novelty

Question 16

5 Cs Situation Analysis

Answer 16

Customers (center)
Company, Collaborators, and Competitors (around customers)
Context (around everything)

-> Gives 360 view

Question 17

Beachhead Customers

Answer 17

First customers: most likely to have the need/interest/spend money

Question 18

Target Market

Answer 18

Those most likely to buy

Question 19

Job to be done

Answer 19

Focuses on understanding the fundamental reasons why customers “hire” a product or service

Question 20

Entrepeneur mindset: 3 questions that need answering

Answer 20

1. Are my goals well defined? (Goals)
2. Do I have the right strategy? (Strategy)
3. Can I execute the strategy? (Execution)

-> If answer no go to previous step

Question 21

Entrepeneur mindset

Answer 21

• Yes We Can
• Beg, Borrow, or Steal
• Think Narrow
• Problems 1st
• No is something waiting to be turned into a YES
• Ask for the cash and ride the float

Question 22

Value proposition

Answer 22

Communicates why customers should choose your product

Question 23

Value proposition what it its specifically

Answer 23

Specific solution that your business provides and promise of value that a customer can expect you to deliver

Question 24

Good idea

Answer 24

Creative thought to solve a problem I face
- Does it solve a problem?
- Does it fill a market gap?
- Are people willing to pay?
- Are competitors already doing it?

=> Business opportunity

Question 25

Business opportunity

Answer 25

Consider the potential of the good idea to meet the demand of the market

Question 26

Disadvs of brainstorming

Answer 26

- Evaluation Apprehension - not expressing ideas out of fear of evaluation - Production blocking - idea generation is blocked while waiting for turn - Turn taking - rises with group size - Free riding

Question 27

Experimentation

Answer 27

Brainstorming and creation of prototypes

Question 28

3 ways to experiment

Answer 28

1) Try out a new experience - good for new idea generation 2) Take things apart - deconstruct ideas, products 3) Test ideas through pilots and prototypes

Question 29

Principles of experimentation

Answer 29

- Minimize noise: isolate the element under investigation - Fidelity: replicate real world situation - Cost: reasonable - Iteration time: between experiments to act on feedback - Capacity: nº experiments at one time - Sequence: parallel or series

Question 30

Tradeoff in experimentation

Answer 30

Between fidelity and noise - the more fidelity, the more noise

Question 31

How to run experiment

Answer 31

1. Formulate hypothesis 2. Design test 3. Assess results

Question 32

Innovation ecosystem

Answer 32

Group of interconnected actors whose collective actions produce a particular development outcome

Question 33

Why ecosystem

Answer 33

For innovative ideas to be efficiently generated, developed and tested, they require this collaborative action

Question 34

Ecosystem actors

Answer 34

Govts, civil society, private sector, universities, individual entrepreneurs etc.

Question 35

Corporate innovation

Answer 35

Enterprises experimenting with modern practices, technology, strategies, and opportunities to make existing business model more competitive in current marketplace

Question 36

Innovation culture

Answer 36

Work environment that leaders cultivate to nurture unorthodox thinking and its application (innovation can come from anyone in organization)

Question 37

Social innovation

Answer 37

New social practices that aim to meet social needs in a better way than the existing solutions

Question 38

Tech trends for innovation

Answer 38

AI Machine Learning Robotics Nanotechnology 3D printing Genetics Biotechnology