32 Questions
What is the definition of innovation?
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
What is the difference between invention and innovation?
Invention is a new way of doing something, while innovation is the diffusion through commercialization or public provision
What is the primary objective of basic research?
To develop new scientific knowledge without specific applications in mind
What is the main characteristic of applied research?
Involves using existing scientific knowledge for the solution of a particular problem
What is the relationship between technology and innovation?
Technology is the subset of scientific knowledge that has practical applications, while innovation involves diffusion through commercialization or public provision
What are R&D activities aimed at achieving according to OECD's Frascati Manual?
Increasing the stock of knowledge and deriving new applications from it
What is the main focus of Experimental Development?
Creating new products or production processes
According to Joseph Schumpeter, what keeps the capitalist engine in motion?
All of the above
What does 'creative destruction' refer to?
All of the above
Which type of firm is most likely to be the major source of innovation?
Small, entrepreneurial firms in highly competitive industries
What is the main goal of innovation for sustainable development?
To achieve environmental sustainability and social inclusivity
What do process innovations aim to improve?
The way products are made without changing the product itself
What does 'product life cycles shortening' refer to?
The need to replace products frequently with better versions
What are the types of innovation mentioned in the text?
All of the above
What is the role of generic technologies according to the text?
To create and destroy whole industries such as steam power, electricity, IT
What is the most likely outcome if organizations do not adjust to new technologies and organizational changes?
Disappearance as new firms challenge existing firms
What is the difference between invention and innovation?
Invention is a new way of doing something, while innovation is invention plus diffusion through commercialization or public provision.
What is the main goal of research and development (R&D) activities?
The main goal of R&D activities is to increase the stock of knowledge and derive new applications from this knowledge.
What is the relationship between technology and innovation?
Technology serves as the subset of scientific knowledge with practical applications, and innovation occurs through the use of technology.
What are the characteristics of basic research?
Basic research aims to develop new scientific knowledge without specific applications in mind and is usually conducted in large firm labs and universities.
What is the primary outcome of applied research?
Applied research involves the use of existing scientific knowledge for solving specific problems, which can lead to the development of new technologies and patents.
What is the definition of innovation according to the text?
An innovation is a new or improved product or process (or combination thereof) that differs significantly from the unit’s previous products or processes and has been made available to potential users or brought into use by the unit.
What are the implications of innovation according to the text?
Essential for business competitiveness and corporate growth, can create and destroy whole industries
According to Joseph Schumpeter, what keeps the capitalist engine in motion?
The fundamental impulse comes from the new consumers' good, new methods of production or transportation, new markets, and new forms of industrial organization created by capitalist enterprise
What is the significance of small firms in highly competitive industries in terms of innovation?
They are the most likely to be the major source of innovation
What does 'creative destruction' refer to?
New technologies and the accompanying organizational changes challenging the economic structure
What is the main focus of Experimental Development?
Solving technical problems regarding a new product or production process, or to improve performance
What are the types of innovation mentioned in the text?
Product, process, incremental vs. radical, social, inclusive, frugal, green (eco)
How do process innovations aim to improve production?
By improving the effectiveness or efficiency of production, reducing defect rates, or increasing the quantity produced at any given time
What is the role of innovation for sustainable development?
Innovation is essential for achieving sustainable development goals and is a goal itself
What is the main goal of innovation for sustainable development?
To achieve growth and sustainable development
What are the different types of technological trajectories mentioned in the text?
Product life cycles shortening, important to replace products frequently with better versions
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.
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.
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