Innovation and Product Development Flashcards
6 cards from real Entrepreneurship practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Innovation and Product Development flashcards as text
What is a technology transfer in entrepreneurship?
Answer: The process of moving technology from a research institution to a commercial market application
Technology transfer involves translating research and technology developed at universities or labs into commercially viable products or services through licensing or spinoff companies.
What is a platform business model?
Answer: A business model that creates value by facilitating interactions between two or more interdependent user groups
A platform business model creates value by enabling exchanges between producers and consumers, as seen in companies like Airbnb, Uber, and Amazon Marketplace.
What are network effects?
Answer: The phenomenon where a product or service becomes more valuable as more people use it
Network effects occur when each additional user of a product or service adds value for all existing users, creating a virtuous cycle of growth.
What is a subscription business model?
Answer: A recurring revenue model where customers pay regularly for continued access to a product or service
The subscription model generates predictable recurring revenue by charging customers a regular fee—monthly or annually—for continued access to a product or service.
What is a freemium business model?
Answer: Providing a basic product for free while charging for advanced features or premium tiers
A freemium model provides a free basic tier to attract users at scale and converts a subset of them to paying customers by offering premium features.
What is the technology adoption lifecycle?
Answer: A model describing how different customer segments adopt new technology: innovators, early adopters, early majority, late majority, laggards
The technology adoption lifecycle, developed by Everett Rogers, segments customers into groups—innovators through laggards—based on their willingness to adopt new innovations.