Form of licensing that allows the business (franchisor) to share its business model to expand through various distributors (franchisees) for a fee.

Small changes to the current version of a product to make it better fit consumer needs.

Contract in which one enterprise gives permission to another entity to manufacture and sell its products for a royalty.

When two companies combine, or one buys the majority stake of the other.

Crucial change done to test a hypothesis regarding the basic product, its growth potential, and business model; if something is not working, then a change or a “pivot” needs to take place.

An arrangement created by two entities to work on a project by sharing some of their strengths and resources, but not actually creating a new entity as in the case of a joint venture.

Early version or prototype of a product that may not be polished or complete but that functions well enough that you can begin to market it or test it with potential users.

People who like to try new things and can be found at the onset of the adoption process for a product.

Temporary partnership in which two different enterprises combine for the purpose of mutual benefits such as sharing of expenses and to work toward shared goals and the associated potential revenue.