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Questions and Answers
What is the definition of innovation?
What is the definition of innovation?
- The subset of scientific knowledge that has practical applications
- A new or improved product or process that differs significantly from previous products or processes and is made available to potential users or brought into use by the unit (correct)
- The process of researching and developing new products and processes with practical applications
- The act of invention and diffusion through commercialization or public provision
What is the difference between invention and innovation?
What is the difference between invention and innovation?
- Innovation is the creation of a new way of doing something, while invention is the diffusion through commercialization or public provision
- Invention is a new way of doing something, while innovation is the diffusion through commercialization or public provision (correct)
- Innovation involves developing new scientific knowledge, while invention involves using existing scientific knowledge for problem-solving
- Invention refers to basic research, while innovation refers to applied research
What is the primary objective of basic research?
What is the primary objective of basic research?
- To use existing scientific knowledge for problem-solving
- To develop new scientific knowledge without specific applications in mind (correct)
- To bring new technologies and patents into use by the unit
- To increase the stock of knowledge for potential users
What is the main characteristic of applied research?
What is the main characteristic of applied research?
What is the relationship between technology and innovation?
What is the relationship between technology and innovation?
What are R&D activities aimed at achieving according to OECD's Frascati Manual?
What are R&D activities aimed at achieving according to OECD's Frascati Manual?
What is the main focus of Experimental Development?
What is the main focus of Experimental Development?
According to Joseph Schumpeter, what keeps the capitalist engine in motion?
According to Joseph Schumpeter, what keeps the capitalist engine in motion?
What does 'creative destruction' refer to?
What does 'creative destruction' refer to?
Which type of firm is most likely to be the major source of innovation?
Which type of firm is most likely to be the major source of innovation?
What is the main goal of innovation for sustainable development?
What is the main goal of innovation for sustainable development?
What do process innovations aim to improve?
What do process innovations aim to improve?
What does 'product life cycles shortening' refer to?
What does 'product life cycles shortening' refer to?
What are the types of innovation mentioned in the text?
What are the types of innovation mentioned in the text?
What is the role of generic technologies according to the text?
What is the role of generic technologies according to the text?
What is the most likely outcome if organizations do not adjust to new technologies and organizational changes?
What is the most likely outcome if organizations do not adjust to new technologies and organizational changes?
What is the difference between invention and innovation?
What is the difference between invention and innovation?
What is the main goal of research and development (R&D) activities?
What is the main goal of research and development (R&D) activities?
What is the relationship between technology and innovation?
What is the relationship between technology and innovation?
What are the characteristics of basic research?
What are the characteristics of basic research?
What is the primary outcome of applied research?
What is the primary outcome of applied research?
What is the definition of innovation according to the text?
What is the definition of innovation according to the text?
What are the implications of innovation according to the text?
What are the implications of innovation according to the text?
According to Joseph Schumpeter, what keeps the capitalist engine in motion?
According to Joseph Schumpeter, what keeps the capitalist engine in motion?
What is the significance of small firms in highly competitive industries in terms of innovation?
What is the significance of small firms in highly competitive industries in terms of innovation?
What does 'creative destruction' refer to?
What does 'creative destruction' refer to?
What is the main focus of Experimental Development?
What is the main focus of Experimental Development?
What are the types of innovation mentioned in the text?
What are the types of innovation mentioned in the text?
How do process innovations aim to improve production?
How do process innovations aim to improve production?
What is the role of innovation for sustainable development?
What is the role of innovation for sustainable development?
What is the main goal of innovation for sustainable development?
What is the main goal of innovation for sustainable development?
What are the different types of technological trajectories mentioned in the text?
What are the different types of technological trajectories mentioned in the text?
Study Notes
Innovation and Research
- Innovation is the process of creating new or improved products, services, or processes through the application of new ideas, skills, or methods.
- Invention is the creation of a new idea, product, or process, while innovation is the successful implementation of that idea.
Types of Research
- Basic research is aimed at expanding knowledge and understanding, with no immediate practical application in mind.
- Applied research is focused on solving a specific problem or meeting a particular need.
- Experimental development is the systematic work to create new products, services, or processes.
Technology and Innovation
- Technology is a critical component of innovation, as it provides the tools and methods to create new products, services, or processes.
- Innovation is the successful application of technology to create new products, services, or processes.
R&D Activities
- According to the OECD's Frascati Manual, R&D activities are aimed at creating new knowledge, products, or processes.
Innovation and Economic Growth
- According to Joseph Schumpeter, innovation is what keeps the capitalist engine in motion, as it drives economic growth and development.
- Creative destruction refers to the process of innovation replacing old products, services, or processes with new ones.
Firm Types and Innovation
- Small firms in highly competitive industries are often the major source of innovation.
Sustainable Development
- The main goal of innovation for sustainable development is to create products, services, or processes that meet the needs of the present without compromising the ability of future generations to meet their own needs.
Process Innovations
- Process innovations aim to improve production efficiency, reduce costs, and enhance quality.
Technological Trajectories
- There are different types of technological trajectories, including incremental, radical, and architectural innovations.
Implications of Innovation
- If organizations do not adjust to new technologies and organizational changes, they will likely face decline or extinction.
- Innovation has implications for sustainable development, economic growth, and competitiveness.
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Description
Test your knowledge about innovation, R&D and technological change as the key drivers of business competitiveness, productivity, economic growth, and sustainable development. Explore the definitions and related concepts of innovation and invention.
