Innovation and R&D Flashcard

Front

Lower staff turnover is a direct benefit of expenditure on:

Back

Research and development (R&D)

Answer explanation

Lower staff turnover is often linked to employee satisfaction and engagement, which can be enhanced through research and development (R&D) initiatives that foster innovation and skill development, making employees feel valued.

Front

A reason why many good ideas do not get commercialized is:

Back

Legal and administrative barriers deterring R&D expenditure

Answer explanation

Legal and administrative barriers can significantly hinder research and development (R&D) spending, preventing good ideas from being commercialized. These obstacles often discourage investment in innovative projects.

Front

Incremental innovation involves:

Back

Adjusting, developing, and improving an existing product or process

Answer explanation

Incremental innovation focuses on adjusting, developing, and improving existing products or processes, rather than creating entirely new products or disrupting industries with breakthroughs.

Front

One reason why many good ideas do not get commercialized is:

Back

R&D expenditure is often too expensive for firms

Answer explanation

R&D expenditure is often too expensive for firms, making it difficult to turn good ideas into commercial products. High costs can deter investment in innovative projects, leading to many ideas remaining uncommercialized.

Front

Adaptive innovation focuses on:

Back

Completely new or significantly improved methods of production or work practices

Answer explanation

Adaptive innovation emphasizes completely new or significantly improved methods of production or work practices, distinguishing it from minor adjustments or cost reductions.

Front

The market being too small to justify the R&D expenditure is:

Back

A reason why so many good ideas do not get commercialized

Answer explanation

The market being too small limits the potential return on investment for R&D, making it less attractive for companies to pursue innovative ideas. This is a key reason why many good ideas fail to reach commercialization.

Front

Intellectual property rights (IPR)

Back

The legal protection of intangible assets of an individual or organization

Answer explanation

Intellectual property rights (IPR) specifically protect intangible assets, such as inventions, trademarks, and copyrights, which are crucial for individuals and organizations to safeguard their creative and innovative works.

Front

Creativity, R&D, and adaptability are:

Back

Not essential for innovation to happen

Answer explanation

Creativity, R&D, and adaptability can enhance innovation but are not strictly necessary for it to occur. Innovation can arise from various factors, making the statement "Not essential for innovation to happen" the correct choice.

Front

Disruptive innovation refers to:

Back

Innovation that involves radically creating entirely new products and/or processes

Answer explanation

Disruptive innovation is characterized by the creation of entirely new products or processes that significantly alter markets. This contrasts with gradual improvements or minor changes, making the correct choice about radical innovation.

Front

Prototype

Back

A trial, pre-launch version of a product used in the R&D process

Answer explanation

A prototype is a trial, pre-launch version of a product used in the R&D process. It allows for testing and refinement before the final product is released, distinguishing it from finished products or marketing concepts.