CMAT Innovation and Entrepreneurship

Question 1

What is a 'business model canvas'?

Accepted Answer

A one-page visual framework to describe a business model

Answer

A financial projection tool

Answer

An organizational chart

Answer

A marketing strategy template

Question 2

What does 'MVP' stand for in the startup context?

Accepted Answer

Minimum Viable Product

Answer

Maximum Viable Plan

Answer

Most Valuable Partner

Answer

Market Validation Protocol

Question 3

Who developed the 'Lean Startup' methodology?

Accepted Answer

Eric Ries

Answer

Peter Drucker

Answer

Clayton Christensen

Answer

Steve Blank

Question 4

What is 'disruptive innovation'?

Accepted Answer

An innovation that creates new markets and displaces established competitors

Answer

An innovation that improves an existing product

Answer

An innovation in manufacturing processes

Answer

A patent-protected new technology

Question 5

In venture capital, what is a 'unicorn'?

Accepted Answer

A privately held startup valued at $1 billion or more

Answer

A startup that fails within its first year

Answer

A publicly listed tech company

Answer

A startup backed by government funds

Question 6

What is 'bootstrapping' in entrepreneurship?

Accepted Answer

Growing a business using only internal cash flows without external funding

Answer

Taking a large bank loan to start a business

Answer

Launching a business through crowdfunding

Answer

Getting angel investment at an early stage