Entrepreneurship Innovation and Product Development 2

Question 1

What is an innovation ecosystem?

Accepted Answer

A network of organizations—startups, investors, universities, and government—that support innovation and entrepreneurship

Answer

An innovation ecosystem is a community of interconnected organizations and individuals—startups, accelerators, investors, universities—that collaborate to foster entrepreneurial growth.

Question 2

What is open innovation?

Accepted Answer

A strategy where companies use external as well as internal ideas to advance their technology and products

Answer

Open innovation, coined by Henry Chesbrough, is a paradigm where organizations purposefully use external knowledge flows alongside internal ideas to accelerate innovation.

Question 3

What does 'product-market fit' require an entrepreneur to validate?

Accepted Answer

That a significant number of real customers value and repeatedly use the product

Answer

Achieving product-market fit means that real customers are using your product, finding it valuable, and you're seeing organic retention and word-of-mouth growth.

Question 4

What is a product roadmap?

Accepted Answer

A strategic plan that outlines the vision, direction, and timeline for a product's development

Answer

A product roadmap is a high-level visual plan that communicates the vision and planned evolution of a product over time, aligning stakeholders on priorities.

Question 5

What is 'feature creep' in product development?

Accepted Answer

The gradual, uncontrolled addition of new features that makes a product complex and unfocused

Answer

Feature creep occurs when a product continuously gains new features beyond its original scope, increasing complexity and often degrading the user experience.

Entrepreneurship Practice Test

Entrepreneurship Practice Test

Entrepreneurship Innovation and Product Development 2