Terminology relevant for this career area
IMPORTANT TERM
SIMPLE DEFINITION
Innovation Ecosystem
A network of organizations, resources, and stakeholders that collaborate to drive innovation.
Open Innovation
Collaborating with external partners to bring in new ideas, technologies, and expertise for innovation.
Incubator
A program that helps start-ups grow by providing resources, mentorship, and networking opportunities.
Corporate Venturing
Corporations investing in external start-ups or creating their own ventures to drive innovation.
Design Thinking
A problem-solving approach that emphasizes empathy, creativity, and iteration to develop solutions.
Intrapreneurship
Employees within a company taking an entrepreneurial approach to develop and launch new initiatives.
Agile Methodology
A project management approach that emphasizes flexibility, collaboration, and iterative development.
Proof of Concept (PoC)
A prototype or demonstration to validate the feasibility and potential of a new product or technology.
Market Segmentation
Dividing a broad market into smaller segments based on shared characteristics to target effectively.
Disruptive Innovation
An innovation that creates a new market by offering a simpler, more convenient, or lower-cost solution.
Technology Scouting
The process of actively seeking and identifying emerging technologies that could be valuable for business.
Lean Start-up
An approach that emphasizes building a minimal viable product to quickly test and iterate on ideas.
Business Model Innovation
Creating new ways to deliver value to customers, often involving changes to revenue streams and processes.
Strategic Partnerships
Collaborative relationships with external entities to access resources, technologies, and market insights.
Business Development
Identifying growth opportunities, forming partnerships, and executing strategies to expand business.