Podcast
Questions and Answers
Which type of innovation generates more long-term value?
Which type of innovation generates more long-term value?
- Marketing Innovation
- Incremental Innovation
- Radical Innovation (correct)
- Process Innovation
What type of malware demands payment to restore access to data?
What type of malware demands payment to restore access to data?
- Ransomware (correct)
- Virus
- Worm
- Trojan
What is a characteristic of innovation?
What is a characteristic of innovation?
- It is always expensive to implement
- It only happens in large companies
- It always requires high technology
- It can be a small or large change that adds value (correct)
If your innovation hasn't worked, what should you do?
If your innovation hasn't worked, what should you do?
How can you get key people on board with your innovative idea?
How can you get key people on board with your innovative idea?
What type of data would you collect to evaluate the effectiveness of a new process?
What type of data would you collect to evaluate the effectiveness of a new process?
Where do major resistances to innovations often occur?
Where do major resistances to innovations often occur?
How can you think beyond the obvious options when preparing an innovative proposal?
How can you think beyond the obvious options when preparing an innovative proposal?
What is the worst thing to tell your team when they can’t agree on a solution?
What is the worst thing to tell your team when they can’t agree on a solution?
What is the most important element of a business model?
What is the most important element of a business model?
Which phase of a big data project typically takes the most time?
Which phase of a big data project typically takes the most time?
What is the best way to recover from an innovation risk?
What is the best way to recover from an innovation risk?
What is corporate venturing?
What is corporate venturing?
Can people become more innovative?
Can people become more innovative?
Who is least likely to help you develop something new in your department?
Who is least likely to help you develop something new in your department?
How much is a good idea worth?
How much is a good idea worth?
Study Notes
Innovation
- Radical Innovation generates more long-term value
Types of Malware
- Ransomware: a computer program that infects a system, prevents access to parts or files, and demands money to restore access
Innovation Characteristics
- Innovation can be a small or large change that adds value
- It does not always require high technology
- It does not only happen in large companies
- It is not always expensive to implement
Innovation Process
- If an innovation hasn't worked, analyze what went wrong and try again
- To get key people on board with an idea, show them how the idea aligns with organizational goals and benefits
Data Collection
- To evaluate the effectiveness of a new process, collect quantitative data such as metrics like time saved, cost reduced, and error rates
Innovation Challenges
- Major resistances to innovations occur due to established routines and habits
Innovative Thinking
- To think beyond obvious options, brainstorm with a diverse team
- Avoid using only familiar methods, copying competitors' strategies, or sticking to what has worked in the past
Decision Making
- The worst approach to settling a dispute is to impose a decision without further discussion
- A better approach is to list pros and cons for each option or prototype all solutions and test them
Idea Value
- An idea is worth nothing without execution
Risk and Recovery
- When taking an innovation risk, if you fail, learn from the experience and apply those lessons
Development Planning
- A development plan should be open to adaptation and improvement
Big Data Projects
- The most time in a big data project is spent on Data Preparation
Business Model
- The most important element of a business model is Customer targets and challenges
Corporate Venturing
- Corporate venturing involves collaboration with external startups
Innovation Capability
- People can become more innovative through practice and training
Collaboration
- The least likely collaborator to help develop something new is someone resistant to change
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Description
A quiz about different types of innovations, malware, and their characteristics in a business context.
