Get definitions for some of the most common innovation terms in this list below.
Stanford is a private research university in Stanford, California. It was founded in 1885 by Leland and Jane Stanford in memory of their only child, Leland Stanford Jr.
Set of accepted guidelines for manufacturing products and carrying out processes to promote efficiency, safety, and optimal related outcomes.
Stakeholder Management is the process by which you identify your key stakeholders and win their support.
A simple way to express a process of new product innovation. Examine and break the process down into discrete stages.
Sponsorship are assigned to a specific innovation initiative to help it navigate through an organization’s challenges. Innovators depend on their sponsorship’s guidance and influence to succeed.
A Sprint is a time-boxed period (4-6 weeks) during which an corporate innovation team works to achieve the set goals.
The desire for sameness, and resistance to change.
Speed of Innovation refers to the rate of change in the product portfolio through new offers, new features and improved functionalities.
Solution Finding is the way of identifying and developing ways to reduce or eliminate the obstacle at hand.
A speaker finishes the invention of a phrase or sentence that wasn't completed by the time unexpectedly jumps, or pauses.
Function within an organization or team that is responsible for delivering supplier performance improvements and value.
Societal innovation is the process of developing and deploying new approaches and solutions to societal challenges.
Social entrepreneurship is a business approach to creating and measuring positive social, environmental, and economic impact.
Subject matter experts are the go-to people for particular topics, who provide specific insights and collaborate for better innovation results.
Skill development is about identifying, improving, and promoting your capabilities and expertise in a certain area.
Six Thinking Hats is a technique invented by Edward de Bono who was inspired by lateral thinking. The technique is designed to simplify the process of thinking by introd...
A set of techniques and tools for process improvement.
A systematic approach to creatively solving problems, based on reversing assumptions about a product, service, process, or business.
Simplification reduces the number and diversity of products or services, functionalities, features to make it less complex and cheaper.
Short-Term is a strategy that is focused on the immediate future.
Silos are known to prevent employees from knowing what the others are working on, and in avoiding unnecessary duplication of work.
A contest where teams present their ideas to a panel of judges to win support for their ideas or inspire change within the company.
When access is valued over ownership and two or more parties can share a product or service.
Innovation and strategy term, relates to the existence of a common understanding on what to achieve in the future
A management strategy focused on companies creating measurable business value by identifying and addressing social problems
Shared goals are goals or objectives that two or more parties have agreed to pursue together for mutual benefit.
Service innovation creates customer value by enhancing customer experience via new services, and/or service delivery channels and processes.
A fortunate occurrence of events by chance that produces a desired opportunity.
Philosophy where the main goal of the leader is to help the team reach their goals and do their best work.
Sensemaking is the process of working to understand the deeper complexities of the world to see what is 'true' for a person.
Self organizing teams can spontaneously and intuitively organize to tackle complex problems. Rather than relying on the traditional formal structure, these teams naturally come together with varied skills, perspectives, and expertise to effectively address a challenge or opportunity.
Businesses use segmentation to understand potential customers and business operations. It’s the process of dividing potential customers into distinct groups, rather than treating...
Self-disruption is the process of a company recalibrating its strengths through the identification and capitalization of emergent opportunities, thus disrupting its own operational paradigms and product portfolios.
The criteria used to identify and choose ideas that will move forward in the innovation process.
Role models are people others look to as examples to draw inspiration, to learn new behaviors, and distinguish right from wrong.
Protection against unauthorized access, misuse, or hacking of information housed in digital systems, via software or physical means.
The act of transforming industry sectors through Businesses practices and technology innovation.
It describes the steps needed to build out or establish an idea or product at scale in the most effective ways.
Acronym for substitute, combine, adapt, modify, put to another use, elaborate, reverse. A brainstorming technique using action verbs.
SaaS refers to a software distribution model where a vendor hosts applications and makes them available to customers over the internet.
A set of constructs that structures the innovation process and governs how to approach challenges and implement new ideas.
The field of designing and constructing robots or automated machinery to assist human beings in their functions.
A tool or process that leaders use to map out crucial development steps, including Bak and Nour implementations, for successful innovation.
Roadblocks contain undesirable features that affect overall performance and the achievement of goals.
An innovation approach to address challenges by boldly pursuing radical new ideas and strategies to transform the status quo.
A method used to solve problems by focusing on the cause of a problem rather than the problem statement.
Risk aversion is a situation where an individual has a natural preference for certainty over uncertainty.
A reward system is essentially the method by which an organization or institution provides a specific incentive for a desired behavior.
The increase in a company's sales is commonly referred to as revenue growth.
Retrospectives are meetings where teams reflect on a specific period’s events, discussing what worked well, and what could be improved.
Resistance to change is a phenomenon when individuals, teams, or organizations oppose changes within their environment.
A repeatable process is a systematic series of steps that produces a consistent, replicable result.
Research and Development is the process of creating new products, improving existing products, and discovering new ways to do business.
Remote work is a working style that allows professionals to work outside of a traditional office environment.
At the core, Relationship Management enables companies to have a better overview of their relationship with clients or customers
The rules and standards set up by a group of people to provide a blueprint for proper and acceptable actions and behavior in a space.
The act of creating a product, service, or process that is new, toward a specific end or goal
The process of changing the design of an application or product so that it looks better and is easier to use.
Recycling is a process to convert waste into new materials and objects.
Recognition Rewards are perks offered to employees for a job well done.
Process to quickly test hypotheses and ideas by rapid prototyping and piloting. Used to gather customer feedback.
Rapid Prototyping is the process of quickly fabricating a scale model of a physical part by means of computer-aided design (CAD).
R&D Spending is the amount of money a company spends on research and development in a given period to innovate new products.
Rapid Change is a change that occurs at an unpredictable fast pace.
R&D Innovation refers to the practice of applying new talents, skills, or processes to generate value through the products and services developed by Research & Development.
Quotes are a list of solutions, services or products and prices to fulfill a project plan, this is available in any stage of the Idea-to-Portfolio Process.
Projects that can be completed quickly once they are given priority over other tasks
The centralized coordinated management of a set of interdependent projects using a combination of techniques and practices.
Concise definition
Product improvement refers to reforming current products in your product line by boosting their functions and features.
Property rights allow people’s freedom of action in the use of their belongings, including the fruit of their intellectual capacities.
Proof of Work is the initial consensus algorithm used in the Bitcoin blockchain network to confirm transactions and produce new blocks.
A term used to describe a company's ability to make a profit over a certain period of time.
The product lifecycle is the entire journey a product takes from production to sale, continuing to after-sales and end-of-life.
Gaining feedback from your customers on your product benefits your product development and future offerings.
Process Tools is a set of tools to facilitate the management of an innovation process, from idea generation to commercialization.
Acting in anticipation of future problems, needs, or changes.
The resolving of questions of central importance for a company that aligns with its strategy, market and needs.
The part of a country's economy which is not state controlled, and is run for profit.
Private Equity is an asset class consisting of equity securities and debt in operating companies not publicly traded on a stock exchange.
A technique used by design thinkers to quickly test innovative ideas.documentation suggestions@author-based
Predictive Analytics involves using statistical algorithms, machine learning, and other techniques to identify future patterns.
Practical Solutions give answers to real problems in a way that is sensible and straightforward. Solutions are no longer theoretical.
Platform innovation refers to the process of creating a development platform, ...
Potential customers are those who have a need and can and will pay for a product or service.
A small colored piece of paper of adhesive backing that can be stuck almost anywhere, in order to remind oneself of things
Portfolio Management refers to the centralized management of a group of projects in order to achieve strategic business objectives.
Taking a joyful approach to problem-solving, play is about experimenting and letting curiosity be the guide.
A pivot is a fundamental change in a business model or a company’s direction under extreme or uncertain conditions.
Pitfalls - An innovation project is not an easy task and requires a lot of energy, time, and money. On this long path to create/launch a new product or service, several things can go wrong
Pitching refers to the process of presenting a business idea in the hopes of receiving monetary or resource support.
Short-term, low-cost, low-risk test of an idea to prove its value. Used in business innovation and software development.
Process of collecting, assessing, selecting, and developing ideas into innovative products or services in a structured manner.
Personalization is the use of individuals’ behavior, profile, historical data, and stated preferences to influence the offers that they receive
The questioning of one's own beliefs and deliberating over those of others in pursuit of truth.
Peter Drucker was a writer, professor, management consultant, and self-described “social ecologist” who explored the way human beings organize themselves and interact. Drucker is best known for his innovative understanding or management and leadership.
Optimization of processes to reach a set goal or standard.
A people-centric approach means that the employee is placed at the heart of the organization, always putting their needs first.
The elements of an organization that drive the way people behave and lead how they make decisions.
Learning from one another. That’s the best way to describe the term peer learning!
