7INNOTECH Midterm Reviewer PDF

EXTRA 7INNOTECH ingenuity and the desire to solve problems and improve quality of life. Each era of technological MODULE 1: INNOVATIVE TECHNOLOGY advancement has built upon t...

EXTRA 7INNOTECH ingenuity and the desire to solve problems and improve quality of life. Each era of technological MODULE 1: INNOVATIVE TECHNOLOGY advancement has built upon the innovations of the Technological innovation – Is the process of past, leading to the complex and interconnected creating new technologies or making big changes to world we live in today. current ones that make them more useful, efficient,  Prehistoric Tools: The earliest technologies or productive involved simple tools made from stone, wood Importance of Innovation in Driving Progress and bone. These were used for hunting, gathering, and building shelters.  Economic Growth – Innovation leads to the  Agricultural Revolution: The development development of new products, services, and of agriculture around 10,000 BCE marked a industries, which drives economic expansion. significant technological shift, allowing for It enables companies to stay competitive, the cultivation of crops and the domestication create jobs, and increase productivity, all of of animals. This led to the establishment of which contribute to a stronger economy permanent settlements and the rise of  Problem Solving - Innovation is essential in civilizations. addressing complex global challenges suck  Industrial Revolution: Beginning in the as climate change, healthcare, and resource 18th century, the industrial Revolusion management. By developing new introduced mechanization, leading to the technologies and approaches, society can mass production of goods, Innovations like find more efficient and sustainable solutions the steam engine, spinning jerny and power to these problems. loom transformed industries such as textiles  Quality of life – Technological advancement and transportation. improve living standards by making  Electrical and Electronic Advances: The everyday tasks easier, enhancing healthcare, late 19th and early 20th centuries saw the and increasing access to information and advent of electricity, leading to innovations education. Innovation in fields like medicine such as the light bulb, telephone, and later, and communication has transformed how radio and television. These technologies people live, work, and connect with each revolutionized communication and daily life. other  Digital Revolution: The mid-20th century  Global Competitiveness – Nations that ushered in the Digital Revolution, marked by foster innovation are better positioned in the the development of computers. the internet, global market. They can lead in key and mobile technologies. This era. industries, attract investment, and influence transformed how information is processed, international standards and practices. stored, and shared, leading to the rise of the  Cultural And Social Transformation - information age. Innovation often leads to cultural shifts, altering how societies function and interact. Impact On Society The digital revolution, for example, has  Increased Connectivity changed how we communicate, work, and  Improved Quality of Life entertain ourselves, leading to new social  Cultural Shifts norms and practices.  Education and Access to Information Evolution Of Technology - The evolution of  Work and Lifestyle Changes technology is a continuous process, driven by human  Environmental Impact EXTRA Impact On Economy  Digital divide (accessibility issues)  Industrial Growth Module 2: Becoming an Entrepreneur  Increased Productivity Entrepreneurial Persistence - refers to the  Job Creation and Displacement continuous effort and determination shown by  Globalization entrepreneurs in pursuing their business goals, even  Innovation and Entrepreneurship in the face of challenges and setbacks. Types Of Innovation Concept Of Entrepreneurial Persistence  Product Innovation - New products or  Resilience in Adversity - Entrepreneurs significant improvements. exhibit persistence by remaining committed  Process Innovation - Improved to their business goals despite facing failures, manufacturing or delivery processes. financial difficulties, or external obstacles.  Business Model Innovation - New ways to  Adaptability and Learning - Persistent create and capture value. entrepreneurs learn from their mistakes, The Internet Revolution adapt their strategies, and continually refine their approaches to overcome challenges.  Revolutionized communication (email,  Long-Term Vision - Persistence is fueled by social media) a strong belief in the long-term vision and  E-commerce and online businesses mission of the business, motivating  Information access and education entrepreneurs to push forward even when immediate results are not visible. The Future Of Innovation  Consistent Effort and Hard Work -  Artificial Intelligence (AI) Persistent entrepreneurs consistently put in  Internet of Things (IoT) the necessary effort, time, and hard work required to achieve their goals demonstrating  Blockchain unwavering dedication  Quantum Computing  Optimism and Determination - A persistent Technology In Medicine entrepreneur maintains a positive attitude and determination, believing that success is  Telemedicine and remote monitoring possible with sustained effort and  Personalized medicine (genomics) perseverance, even in the face of uncertainty.  Medical devices and Al diagnostics  BARRIERS AND RISKS Neal Dempsey Green Innovation A well-known venture capitalist and managing partner at Bay Partners, a venture capital firm in  Renewable energy (solar, wind) Silicon Valley. He is recognized for his significant  Electric vehicles and battery technology contributions to the venture capital industry and for  Circular economy (recycling, sustainable backing numerous successful startups. materials) Dempsey highlights three main reasons that Barriers And Risks companies fail. His type of "bad" serial entrepreneur generally fail for one or more of these reasons:  Ethical dilemmas (Al bias, privacy)  Cybersecurity threats EXTRA  Team is not a good fit - He notes that  Expanding the Customer Base "Without a strong tearn, even the best idea won't survive." Entrepreneurial Identity - Entrepreneurial Identity Refers To How An Individual Perceives Themselves  Product or business doesn't work - Every In Their Role As An Entrepreneur, Including Their venture must generate enough market Values, Beliefs, And Behaviors Associated With demand to bring in significant cash flow. Entrepreneurship. Eventually, every venture has to bring in more cash than it uses to operate.  WHAT MAKES AN ENTREPRENEUR?  Founder won't listen to advice, and they  WHO AM I? don't let go - Founders need to "surround  HOW SHOULD I RESPONSE? themselves with experts, listen to their  WHAT SHALL I STRIVE TO BECOME? advice, and let them do their jobs." Entrepreneurial Virtues - Entrepreneurial virtues The Entrepreneurial Lifepath are the essential character traits that drive successful Involves Finding Opportunities, Taking Risks, And entrepreneurship. They play a significant role as Starting Enterprises To Sell Creative Products And dynamic constraints on the developing entrepreneur. Services. Continuous Learning, Resilience, And A Example Of Entrepreneurial Virtues Passion For Long-Term Success And Influence Define It.  Resilience  Integrity Examples Of Entrepreneurial Development  Creativity Activities (Eda)  Adaptability  Market Research  Empathy  Business Planning  Vision  Product Development  Courage  Building a Team  Perseverance  Networking and Relationship Building  Discipline  Fundraising  Optimism  Branding and Marketing Strategy Lecture 3: Creating Your Venture  Legal and Compliance Work  Financial Management Venture - A venture is a risky new enterprise or  Customer Feedback and Iteration undertaking started for profit or expansion. Time, resources, and cash are invested for future returns. Examples Of Value-Driven Activities (Vda) Startups and company expansions require careful  Launching a Product or Service planning and ingenuity.  Securing a Major Client or Contract  Closing a Funding Round  Marketing Campaigns that Drive Sales Five Components Of The Process Of New  Expanding to a New Market Venture Creation  Achieving Operational Milestone  Idea Generation - Identifying a business  Forming Strategic Partnership idea or recognizing a market opportunity.  Receiving Industry Recognition or Awards This involves understanding consumer needs,  Successful Product Launch Event EXTRA market trends, and gaps in the marketplace the overall value chain. You can use this that can be addressed by the new venture. chance to spell out what your company's  Opportunity Evaluation-Assessing the commitments and limitations on a very basic viability of the business idea. This includes level. market research, evaluating the competition,  Objectives - A business objective is a financial forecasting, and determining specific, measurable goal that a company whether the business can be sustainable and aims to achieve within a set timeframe. It profitable. serves as a guiding target for the  Business Planning-Developing a detailed organization's efforts, helping to focus business plan. This outlines the venture's resources and align activities toward goals, strategies, marketing plan, operational achieving long-term success and growth. structure, financial projections, and resource Operating Plan requirements.  Company Formation/Launch - Once the The operating plan is where you spell out all the entrepreneurial team has found a good things that you plan to do and what they will yield enough chance and made a plan, they will for your business. The activities will cover all areas choose the right type of business entity and of the business: marketing, selling, engineering, etc. turn the idea into a real business.  Growth- After launch, the company Company Timeline develops its product or service, earns money, This is a representation of all the major and succeeds long-term. Planning has given accomplishments or deliverables that are necessary way to implementation. You ask more for you to achieve your strategy. questions and focus on your goals at this point. Staffing Plan Strategy - A strategy coordinates resources and A staffing plan is a strategic approach to identifying efforts to achieve long-term goals and gain an edge and fulfilling an organization's human resource over the competition. A changing environment needs. It outlines the number, skills, and roles of requires making decisions on what to do and what employees required to meet business objectives, not to do to ensure a successful business. ensuring that the right people are in place to support growth and operational efficiency. Four Main Areas Of Strategy Financing Plan  Target Customer - The target customer is the set of potential buyers who are your focus A financing plan describes how a company will raise as you design your company's solution. funds for operations and expansion. Loans, equity  Business Model - Business models also investments, and retained earnings are listed, along contain the company's cost structure, with a plan to manage cash flow, debt, and collaborations, and client relationships, investment returns. detailing how it makes money. It guides Generally Accepted Accounting Practice decision- making and market adaptation, assuring the company's sustainability and  Marketing growth.  Sales  Position - The word "position" can mean  Research and development both how your business is different from  Operations others in the same field and how it fits in with EXTRA  Finance  People management  Processes & infrastructure Execution Business execution refers to the process of implementing strategies and plans to achieve the organization's goals and objectives. It involves aligning resources, managing operations, and monitoring performance to ensure that tasks are completed effectively, and the desired outcomes are realized. SWOT Analysis Helps businesses evaluate their competitive position by analyzing both internal factors, such as resources and capabilities, and external factors, like market trends and industry challenges Idea Generation Techniques  Mind Mapping - is a visual brainstorming method that systematically organizes ideas, concepts, or material around a primary subject, utilizing branches to denote related thoughts, so facilitating clearer thinking and idea development.  Reverse Thinking - very clear from the name itself this technique asks us to think oppositely. Instead of working on the problem in front of us, we work on the exact opposite of it.  Brainstorming- a collaborative problem- solving method in which participants provide an unlimited number of ideas or solutions without criticism, fostering creativity and innovation. EXTRA Quiz 1 mass production of goods, with innovations like the steam engine, spinning jenny, and power loom 1. What term describes the process of creating new transforming industries such as textiles and technologies or making significant changes to transportation? current ones that enhance their usefulness, efficiency, or productivity? Industrial Revolution Technological Innovation 8. What term describes the advantage that nations gain in the global market when they foster 2. What term describes the improvement in living innovation, allowing them to lead in key industries, standards due to technological advancements that attract investment, and influence international make everyday tasks easier, enhance healthcare, and standards and practices? increase access to information and education, particularly in fields like medicine and Global Competitiveness communication? 9. What term refers to the type of innovation that Quality of Life focuses on improving the methods and processes used to create and deliver products or services, often 3. What term refers to the risks associated with leading to increased efficiency and reduced costs? unauthorized access, data breaches, and other malicious activities that can compromise the Process Innovation integrity, confidentiality, and availability of 10 What term describes the network of information in digital systems? interconnected devices and objects that can collect, Cyber-security threat. exchange, and act on data through the internet, often without human intervention, enabling smart homes, 4. What term describes the type of energy that is cities, and industries? generated from natural resources like sunlight, wind, and water, which are naturally replenished and have Internet of things a lower environmental impact compared to fossil fuels? 11. This phrase describes the significant transformation in how people connect and share Renewable Energy information, largely due to advancements in technologies such as email, social media, and mobile 5. What term refers to the approach in healthcare that communication. tailors medical treatment to the individual characteristics of each patient, often based on genetic Revolutionized Communication information? 12. This term refers to the effect that human activities Personalized Medicine and technological advancements have on the natural environment, including issues such as pollution, 6. What term refers to the decentralized and climate change, and the depletion of natural distributed digital ledger technology that records resources. transactions across many computers in a way that ensures the data is secure? Environmental effects Block chain 13. This phrase describes the phenomenon where advancements in technology, particularly in internet 7. What historical period, beginning in the 18th and mobile communication, have made it easier for century, introduced mechanization and led to the EXTRA people around the world to connect, communicate, Quiz 2 and share information instantly, breaking down 1. Involves finding opportunities, taking risks, and geographical barriers. starting enterprises to sell creative products and Increased Connectivity services. It requires continuous learning, resilience, and a passion for long-term success and influence 14. This term refers to the process by which businesses, technologies, and cultures spread across (The Entrepreneurial Life Path) the world, leading to increased international trade, cultural exchange, and economic mutual reliance 2. His influence has been more about funding, mentoring, and guiding numerous startups rather among nations. than owning or running them directly. Globalization (Neal Dempsey) 15. This term refers to the process of using creativity 3. Describes the unwavering dedication and and technological advancements to address and overcome complex challenges, often resulting in persistence that entrepreneurs show as they work to more efficient and effective solutions. reach their business goals, even when things get tough. Problem solving (Consistent Effort and Hard Work) Give the five Evolution of Technology in proper 4. An individual who continuously starts and order. operates multiple businesses, one after another or  Prehistoric Tools sometimes simultaneously.  Agricultural Revolution (Serial entrepreneur)  Industrial Revolution  Electrical and Electronic Evolution 5. Refers to how an individual perceives themselves  Digital Revolution in their role as an entrepreneur, including their values, beliefs, and behaviors associated with Give the four Future of Innovation entrepreneurship.  Artificial Intelligence (Entrepreneurial Identity)  Internet of things.  Block Chain 6. EDA stands for:  Quantum Computing (Entrepreneurial Development Activities) Give the three Technology in Medicine 7. Essential character traits that drive successful  Remote Monitoring entrepreneurship.  Personalized Medicine (Entrepreneurial Virtues)  Medical devices and Al diagnostics 8. VDA stands for: Give the three Green Innovation (Value-Driven Activities)  Renewable Energy  Electric vehicles and battery technology 9. Even when things are uncertain, a persistent  Circular Economy entrepreneur stays positive and determined, thinking EXTRA that success is possible with long-term effort and Quiz 3 persistence. 1. A representation of all the major accomplishments (Optimism and Determination) or deliverables necessary to achieve a company's strategy. 10. It defines the quote "Without a strong team, even the best idea won't survive." Company timeline (Team is not a good fit) 2. It refers to how a business differentiates itself from others and how it fits in with the overall value chain. 11-15 Enumerate at least 5 Entrepreneurial Development Activities Position Market Research 3. It is a risky new enterprise or undertaking started Business Planning for profit or expansion, where time, resources, and Product Development cash are invested for future returns. Building a Team Networking and Relationship Building Venture Fundraising 4. The set of potential buyers who are the focus as Branding and Marketing Strategy you design your company's solution. Legal and Compliance Work Target Customer Financial Management Customer Feedback and Iteration 5. A plan that spells out all the activities a company 16-20 Enumerate at least 5 Value-Driven plans to do and what they will yield, affecting the Activities company's financial success. Launching a Product or Service Operating Plan. Securing a Major Client or Contract Closing a Funding Round 6. A strategic approach to identifying and fulfilling an organization's human resource needs, outlining Marketing Campaigns that Drive Sales the number, skills, and roles required. Expanding to a New Market Achieving Operational Milestone Staffing plan Forming Strategic Partnership 7. A visual brainstorming method that organizes Receiving Industry Recognition or Awards ideas, concepts, or material around a primary subject Successful Product Launch Event using branches for related thoughts. Expanding the Customer Base 21-15 Give the 5 Concept of Entrepreneurial Mind Mapping Persistence 8. The process of implementing strategies and plans Resilience in Adversity to achieve organizational goals, aligning resources, Adaptability and Learning and monitoring performance to ensure effective Long-Term Vision outcomes. Consistent Effort and Hard Work Execution Optimism and Determination 9. It helps businesses evaluate their competitive position by analyzing internal and external factors, EXTRA including strengths, weaknesses, opportunities, and 21-24 Four main areas of strategy threats. Target Customer SWOT Analysis Business Model Position 10. It describes how a company will raise funds for Objectives operations and expansion, including loans, equity investments, and retained earnings. Financing plan. 11. A collaborative problem-solving method where participants provide unlimited ideas or solutions without criticism to foster creativity. Brain storming 12. A specific, measurable goal that a company aims to achieve within a set timeframe. Objectives 13. It details the company's cost structure, collaborations, client relationships, and how it makes money Business Model 14. It coordinates resources and efforts to achieve long-term goals and gain an edge over the competition. Strategy 15. outlines the venture's goals, strategies, marketing plan, operational structure, financial projections, and resource requirements. Business Planning 16-20 Five components of the process of new venture creation (in proper order) Idea Generation Opportunity Evaluation Business planning Company Formation / Launch Growth