What is Innovation?TERM 1 MAY 25C WEEK 1

Fill in the blank: According to the UK Department of Trade and Industry (2004), innovation is 'the successful exploitation of _______.'

• new ideas

• existing products

• market trends

• financial resources

Which of the following best describes the difference between innovation and invention?

• A) Invention brings something to market successfully, innovation creates something new.

• B) Invention creates something new, innovation brings it to market successfully.

• C) Both invention and innovation mean the same thing.

• D) Innovation is only about technology.

Innovation is both the journey of creating value and its result.

• True

• False

Fill in the blank: According to Sternberg and Lubart (1999), creativity is 'the ability to produce work that is both ______ and appropriate.'

• novel

• predictable

• ordinary

• repetitive

What is the relationship between creativity and innovation?

• Creativity implements ideas into solutions.

• Innovation generates ideas.

• Creativity generates ideas and innovation implements them into valuable solutions.

• Creativity and innovation are unrelated.

Without creative thinking, innovation cannot exist.

• True

• False

What is the definition of incremental innovation? Fill in the blank: Incremental innovation involves small, gradual improvements to existing _______ or _______.

• products; processes

• employees; salaries

• markets; advertisements

• customers; suppliers

Which of the following is a real-world example of incremental innovation?

• The invention of the first smartphone

• Apple's iPhone iterations from iPhone 8 to 14

• The creation of the internet

• The discovery of electricity

What are the benefits of incremental innovation? Fill in the blanks: Incremental innovation offers lower ______, faster ________, and continuous ________.

• risk; implementation; improvement

• cost; decline; disruption

• failure; delay; stagnation

• investment; reduction; regression

The image shows several models of a popular smartphone. Which type of innovation does this image represent?

• Radical Innovation

• Incremental Innovation

• Disruptive Innovation

• Architectural Innovation