Get definitions for some of the most common innovation terms in this list below.
Pattern Recognition is an essential part of human learning that, in a business context, is about recognizing patterns in data.
A patent is an exclusive right to use, make, and sell an invention. It means that the invention is unique and original.
The act of carrying on a commercial project with partners
The specific problem that motivates the search for a new solution.
The dynamic with which something, such as technology, has been changing lately
The state or fact of being an owner. The right to own; ownership.
Fundamental change in basic concepts and experimental practices of a scientific discipline. Shayrc.phi
Outsourcing is the practice of obtaining goods and services from a foreign supplier, rather than an internal source within a company.
Collaborating with customers to engage their expertise in designing new products, services, experiences, and business models.
The framework around which an organization is designated, with reporting relationships, roles, responsibilities, and authority.
Output metrics are used to track the performance and success of an innovation strategy after implementation. (e.g., product fit, ROI)
Outcome-Based Innovation focuses on the results rather than the features or benefits of a new offering.
The ability of a company to successfully achieve optimal levels of operational effectiveness and efficiency.
A property of systems characterized by the rules that allow participants to contribute to its authoring.
Objectives and key results are a powerful goal-setting tool that can be used at the company, team and individual levels.
A practice of writing down pieces of information for later reference. Notes can be archived in an organized manner.
A phenomenon in which people are biased against externally developed prototypes or ideas.
A company's North Star Metric is its key measure of success and drives strategic decision-making.
An organization that operates to achieve a social or environmental mission without a profit motive.
The topic, industry or customer segments that the company is working on, is not clearly defined.
A niche involves focusing your business on a segment of a market it can effectively reach and serve.
A good, service, or idea that is perceived by some potential customers as new.
A new or improved service delivered to a customer or market which costs less to operate, or sells at a higher margin.
A possibility due to a set of circumstances where new products, services, markets, channels and geographies can be explored.
A product that is new to you + a market that is new to you/ your company.
Study of the nervous system (brain & spinal cord) through methods and technologies to understand its structure & function.
Creative concepts, products or practices that have not been adopted before and that are intended to be useful.
They represent the ways a company creates, delivers, and captures value.
Net Zero Emissions
Negotiation is a method by which people settle differences. Discover constraints and opportunities to influence inevitable change.
Negative glossary definition: A lack of payment of a liability when due. May also pertain to a financial statement item that is negative.
Needs assessment is an exploration and documentation of the organization's current state and anticipated future requirements.
Materials that occur in nature and are essential or useful to humans.djangoproject
Multidisciplinary Teams involve individuals from various parts of the business working together on a single project.
Framework for knowledge creation and use within a nation and the external spillovers of innovation.
Monetization is the process of generating revenue from an asset, product or business.
A fundamental change in mindset and mental models in organizations. Open to explore new ideas, learn, and grow.
The ability to move or be moved freely and easily.
Developed as a unit, in such a way that it can be used individually to carry out a specific function; an independent whole, not depending on other parts.
Mitigation refers to actions taken to reduce or eliminate the risks from hazards to people and property.
Mission Statement
Erroneous assumptions, problem definitions, and solution hypotheses that are made in innovation and change initiatives.
A Minimum Viable Product is a lean way to build the software that has just enough features to attract early users and investors.
Mind mapping is an approach to visually outline information.-written in one sentence.
A leading authority on competitive strategy. Developed a range of economic theories, including the five forces framework.
A key point in a project to check its progress or a point in the future to look forward to.
Executives responsible for key decisions. Below top-level. Done correctly, middle management is key for the success of a company
The process of a system or research that is adopted in a particular field.
A mentor is someone with the expertise to help guide another professional's career or other personal developments.
Anything that is connected with health and medicine; including products, services, research and so on.
Measuring Innovation aims to find benchmarks and evaluate the performance and effectiveness of innovation initiatives within an organization.
The ability of an organization to sustain an innovation effort through time until it produces a return on investment.
A marketplace is an e-commerce site where products or services from multiple parties are aggregated and sold to consumers.
Raw substances or parts used for producing final products.
A marketing innovation is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.
The degree to which a good, service, or business model adequately meets the demand of a market audience.
Mapping is used in the early phases of innovation to chart out different pathways to focus the innovative work. Can be used to document knowledge or the technological solutions in use.
Systems for directing resources to achieve specific objectives. It often involves managing people leading through influence.
The makers movement is a cultural and technological movement driven by collections of like-minded individuals passionate about creating DIY solutions to shared problems.
Macro refers to a company-wide perspective in innovation.
A subfield of artificial intelligence (AI). Based on the idea that systems can learn from data, identify patterns and make decisions.
Minimum amount of money to achieve the maximum impact or result.
Minimal levels of both possible negative consequences and possible positive outcomes. The stakes are low.
Loss Horizon is a fixed point in the future of a company, from which onwards they will start to lose market share, revenues, or profit
Loss aversion is the irrational tendency for humans to avoid losses at all costs. For example, we feel more pain from losing $100 than we do from gaining $100.
Using a long-term strategic plan, a company aims to align its resources and execute initiatives that target future opportunities.
Local innovation refers to methods of creating innovation within a specific group, company, or location rather than a global approach.
Lifecycle Management refers to the efficient monitoring and maintenance of a system or product. A product is continually iterated, developed, and improved based on an understanding of it's lifecycle.
The restricting conditions, rules, and boundaries within which something can be developed.
When a company or individual applies innovation or growth enabling processes/technology to the future changes in the industry
A common perspective in Lean Agile methods to continuously improve by capturing learning from past experiences.
Legacy systems are the older, critical business technologies and processes still in use.
Lean and Agile is a business methodology that emerged as a response to the unpredictable nature of today’s market and technology.
A learning culture is a workplace that actively promotes learning through various activities, courses, and resources. Aims to improve and progress.
Companies that have grown large from company founders ambition and often focused on solving one or several related problems.
Lead Users get into the market earlier than the rest of us, and they are critical for getting really good products and services.
Lean deals with reducing waste and focusing on delivering value to the customers.
A measurement of future performance; forecast trends within an economy, industry, or a company.
Key performance indicators are measurable values that indicate how efficiently an organization is achieving its key business objectives
The total time that a company takes to complete a task, from the ideal time the task should take to finish.
Large-Scale Innovation
Metrics that provide insights into past events without indicating future trends. These measurements are often input-oriented.
Kodak is metaphorically known for missing the digital boomed they unknowingly helped to create. "Kodak Moment" once was a reminiscence.
KPIs evaluate the success of a project, employee, or organization in relation to strategic objectives. They translate vision into action.
Total accumulated points which may be redeemed by any capacity offered in the website, such as Challenges, Publications, ...
As famous by its simplicity, Kanban is a system to control inventory, enable visual management, and empower just-in-time delivery.
Kaizen entails the continuous practice of incrementally improving products, processes or services over a period of time.
A visual representation of the end-to-end customer experience, designed to identify people’s key interactions with the product.
An authority on innovation who has expressed his passion for driving innovation and entrepreneurship in modern business.
Issues are generally used to manage bugs in software, but it can be understood as a problem point.
A process for developing something (an innovation) whereby the item is developed in small pieces, one small improvement at a time.
The collective set of laws aimed at protecting a company's innovations to grants exclusive rights over creations to its owner.
The input of stakeholders in programs or projects.
Inventory is a measurement of the items a company uses to facilitate its operations.
Innovation Investments is the money and resources allocated to the innovation effort with the expectation of a future return.
Investors are the people or companies that spend their money in return for a share in a business.
Investment Decisions 93 chars Meanwhile, one way to find investment opportunities is to set your executive team’s process so you can regularly review quali...
Individuals who innovate and develop new products or ideas. In any context, inventor is always someone who helps bring something new to life.
The type of human motivations that derives from factors or reliance on a person’s inherent aspirations and interests.
Intentional: Deliberate actions aimed at achieving specific innovative outcomes.
