Seeing that we get visitors from both Innovation experts and Innovation novices, we decided to give a helping hand to the latter and make an innovation glossary with a comprehensive list of innovation terms, definitions, and simple explanations.
Being a beginner is nothing to be ashamed of and here you will have a shortcut to some of the most important innovation terms.
We’ve thereby included both terms that are known throughout the innovation community and more official consulting terminology.
With more than 100 innovation-related terms and definitions, this is the most extensive innovation glossary you will find anywhere.
Adding all of these innovation definitions and jargon in one place made this innovation terms dictionary absolutely huge, so if you’re looking for a specific phrase/term, use the Table of Contents or the searchbar below 👍
What is the Agile Model? A model of innovation used frequently in the tech sector for software development.
What is Ambidexterity in business? The ability of a firm to prepare the business for the future while also supporting current operations.
What is an Analytical Prototype? A mathematical model that can easily be experimented with.
What is Blue Ocean Strategy? Innovation that creates a new market, by creating and capturing demand that did not previously exist.
What is a Business Model? The business model incorporates everything that the business does to capture value.
What is Closed Innovation? The opposite of open innovation, closed innovation stays within the confines of the company.
What is Co-Creation? A form of innovation that involves the creator and the customer collaborating together to make the ideal offering.
What are Competencies for Innovation? The ways in which a company utilizes its resources.
What is a Comprehensive Prototype? A prototype that implements most or all of the attributes of the final product.
What is the Design Thinking Process? A process of innovation that places the user at the center.
What is Digital Innovation? The innovation of digital technology to improve business models and services.
What is Digital Transformation? Reshaping the business model through the digitization of business processes.
What is Disruptive Innovation? Innovation that changes the way that an industry or a market operates.
What is Entrepreneurship? Starting a business and thereby creating or extracting value and driving economic growth in society.
What is Experimentation? The refinement of an idea by testing different versions of a product or service.
What is Exploitation? Using the current resources of the firm to improve innovations incrementally.
What is First-Mover Advantage? The advantages of being the first to market in a new product category.
What is a Focused Prototype? A prototype with only one or two attributes of the final product, which is used to answer specific questions.
What is Green Innovation? A form of social innovation that focuses on sustainability or environmental protection.
A growth hacker explores the next growth opportunities, mostly in a startup environment.
A hackathon is basically any event where people come together to solve problems (mostly over 1-3 days).
Hyper-adoption of innovation describes the ability to adopt to innovation at an unmatched speed and skill.
What is Idea Generation? The first part of any innovation process where ideas are generated through different methods.
What is Idea Management? The whole process of generating, evaluating, and implementing ideas for innovation.
What is Incremental Innovation? The modular, gradual innovation that improves a product through small, constant changes.
What is Open Innovation? Sourcing resources for innovation from outside the organization.
What is Opportunity Identification? Finding a problem in the market that needs a solution in the form of a product or service.
What is a Physical Prototype? A tangible prototype used mainly for showcasing the future product.
What is Product Development? The creation of an innovative product that is ready to be launched into the market.
Qualitative research is used to find non-numerical data. It thereby focuses for example on people's experiences, behaviours or interactions.
What is Radical Innovation? A type of innovation that produces highly differentiated, system-altering creations.
What is Red Ocean Strategy? Innovation in the same space as competitors, in the competitive ‘red ocean’ full of ‘sharks’.
What is Remote Innovation? Innovating in a virtual setting that allows to work from anywhere.
What are Sensing Capabilities? The skill of a firm in sensing opportunities in the market before competitors.
Essentially a prototype of a service experience, the simulation may consist of role play or a full-scale example of a service delivery.
What is Social Innovation?Innovation in the name of social progress which is often achieved in collaboration between different sectors.
What is a Stage Gate Model? A model for innovation used in large organizations that emphasizes structure and discipline.
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