Introduction to Innovation JAN 25C WEEK 13

Fill in the blank: According to Tidd and Bessant (2020), "Innovation is the process of creating value by implementing new _____."

• ideas

• rules

• machines

• colors

Which of the following is NOT a type of innovation mentioned in the passage?

• Product innovation

• Process innovation

• Position innovation

• Financial innovation

• Paradigm innovation

Fill in the blank: Innovation drives economic growth and solves complex _____ challenges.

• societal

• culinary

• musical

• athletic

What is the first stage of the Innovation Funnel?

• Idea Generation

• Market Launch

• Product Testing

• Commercialization

Which stage of the Innovation Funnel involves transforming promising ideas into detailed concepts with potential value?

• Concept Development

• Idea Generation

• Market Launch

• Commercialization

Which stage of the Innovation Funnel is about evaluating technical, market, and financial viability of concepts?

• Feasibility Assessment

• Idea Generation

• Commercialization

• Implementation

What is the main activity in the Development stage of the Innovation Funnel?

• Create and refine working prototypes through iterative testing.

• Conduct market analysis and identify customer needs.

• Brainstorm and generate new ideas for potential products.

• Evaluate and select the most promising concepts for further development.

What is the final stage of the Innovation Funnel where innovation is introduced to the market with supporting resources?

• Launch

• Ideation

• Screening

• Concept Development

Which key element of successful innovation is described as: 'Innovation must solve real problems for specific users.'?

• Cross-Functional Collaboration

• Customer-Centric Approach

• Iterative Process

• Risk-Taking Culture

Which key element of successful innovation is described as: 'Diverse teams bring varied perspectives and expertise.'?

• Cross-Functional Collaboration

• Customer-Centric Approach

• Iterative Process

• Risk-Taking Culture