Types of Innovation and eBay's Success

The video discusses two types of innovation: one where a new idea emerges unexpectedly, and another where an existing idea is applied in a new context. eBay is highlighted as an example of the latter, transforming traditional auctions into an online platform accessible to anyone with internet access. This innovation addressed a need for people to sell unwanted items easily and profitably.

What is the first type of innovation mentioned in the video?

• An idea that comes out of the blue

• An idea that is developed over time

• An idea that is copied from another business

• An idea that is based on market research

How often does the first type of innovation occur, according to the video?

• Very frequently

• Occasionally

• Very rarely

• Never

What characterizes the second type of innovation?

• Creating a new product from scratch

• Improving an existing product

• Applying an existing idea in a new space

• Conducting extensive market research

Why is eBay considered a successful example of innovation?

• It created a new type of product

• It improved the quality of auctions

• It made auctions accessible to anyone with internet

• It focused on local buying and selling

What unfulfilled need did eBay address?

• The need for faster shipping

• The need for a secure payment system

• The need to get rid of unused items and make money

• The need for better customer service