5.2 - 5.4 innovation

it is when an invention is made useful and put into the market successfully

• sustaining innovation: continuously develop a product

• disruptive innovation: when something comes that challenges other companies

• process innovation: an innovation of how a product is made

• architectural innovation: this looks at the design of a product and innovating it

• modular innovation: changing part of the design

• diffusion: how fast a new product is accepted by the market. it can start small and gradually get bigger and well-known

• suppression: the slowing down or stopping the product from entering the market

• act of insight: sudden idea

• adaptation: taking solution from one and applying to the other

• transfer technology: tech made for one field but can be used in another

• analogy: taking an idea from one area and applying it in yours

• chance: unexpected discoveries

• technology push: tech pushes you to make new products

• market pull: the market pulls products out of a market to match what it needs

the inventor: an entrepreneur + product champion

lone inventors: work by themselves

product champion: know what the market needs and produces a product + becomes the face of it

entrepreneur: take product into market + most likely invest in the company and are CEO

Multidisciplinary approach to innovation:they are the inventor + product champion + entrepreneur all in one.

the ones who wait until the very end and refuse to buy the product but then eventually do