Innovation and Product Development Flashcards

What is disruptive innovation?

Answer: An innovation that initially targets overlooked segments and eventually displaces established market leaders

Disruptive innovation, a concept by Clayton Christensen, describes how simpler, more affordable products initially serve overlooked markets before eventually displacing incumbents.

What is the design thinking process?

Answer: A human-centered problem-solving framework: empathize, define, ideate, prototype, test

Design thinking is a human-centered innovation process with five stages—empathize, define, ideate, prototype, and test—that helps teams solve complex problems creatively.

What is a prototype?

Answer: An early sample or model of a product built to test a concept before full production

A prototype is an early working model of a product that allows entrepreneurs to test design, functionality, and user experience before committing to full-scale development.

What is the lean startup methodology?

Answer: A build-measure-learn cycle focused on rapid iteration and validated learning to reduce waste

The lean startup methodology, developed by Eric Ries, uses build-measure-learn cycles to test assumptions quickly and iterate toward a product that meets real customer needs.

What is iterative development?

Answer: A process of repeatedly improving a product through successive cycles of building, testing, and refining

Iterative development involves releasing incremental versions of a product and improving it progressively based on feedback and testing.

What is a patent's main purpose for entrepreneurs?

Answer: To grant exclusive rights to make, use, or sell an invention for a limited time

A patent grants an inventor exclusive rights to their invention for up to 20 years, preventing others from making, using, or selling it without permission.