The ABC of Innovation
Short-term programs lasting 3 to 6 months that provide a range of services to young businesses in order to help them stimulate growth or finalize their project: financial support, business advice, office space, access to high-quality mentors, networking, xyz, etc. These programs may receive grants or be open to people having stakes in the project.
Augmented reality (AR)
Augmented reality is a connected information system (for example, a computer, a software and a webcam) that allows you to mix a real-time virtual 3D or 2D stream to a real experience.
In short, this system allows you to add fictitious elements to our perception of the real world. This perception can be of a visual, tactile or audio in nature.
Many applications are possible in the video game sector, cinema, medical, e-commerce (virtual try-ons) and mobile industries.
B to B
The term B to B refers to Business to Business. It represents all transactions or commercial relationships between two businesses,. We speak of B to B when a company is dealing with another company. The target is another business.
Synonyms: BtoB, B2B, Business to Business
B to B to C
The term B to B to C refers to Business to Business to Consumer. It represents all transactions or commercial relationships between two businesses of which the last one, the client-facing business, will directly address the object of the transaction to the final consumer free of charge.
The “supplier” business uses the “client” business as an intermediary to indirectly address the consumer.
Synonyms:BtoBtoC, B2B2C, Business to Business to Consumer
B to C
définition en: The term B to C refers to Business to Consumer. It represents all transactions and commercial relationships between a business and a public consumer.
We speak of a B to C relationship when a company addressed a consumer directly.
Synonyms: BtoC, B2C, Business to Consumer
Benchmarking is a method of evaluating company performance. It consists of studying, analyzing and comparing the company’s performance to that of its main competitors.
Its objective is to take inspiration from existing best practices in order to apply them to the company’s own structure.
Benchmarking is a performance indicator for that targeted market and allows the company to define new objectives and goals.
An angel investor is a physical person who brings funds that serve as kick-off capital for entrepreneurs all the while offering them access to their personal business experience. In fact, beyond the capital invested, investors generally offer up their roster of contacts and experience.
The angel investor usually intervenes most at the start of a company’s life.
Their capital investments are often limited compared to investment funds that tend to intervene during the development phase.
Synonyms: Angel Investor
Brainstorming is originates in the advertizing industry and used by businesses to stimulate creativity and the search for collective, spontaneous ideas in order to find a solution to a specific problem.
This technique is practiced as a group with oversight from a host that is tasked with giving you a direction to follow, framing the process adequately, collecting ideas and transcribing them as summaries or idea cards.
Process that involves bringing innovation to market through one of many different commercial distribution channels. The goal of commercialization is to put the product or service at the disposal of consumers at a moment or place where they’re likely to buy it.
Related activities: PMF product market fit (product that responds to the market/targeted audience) - evolving business model (to allow for scaling), 'repeatable sales model', commercializationdéfinition
Coworking is a relationship that has freelance workers and/or entrepreneurs coming together to share a same working space all the while leveraging the synergy created by the group such as networks, exchanges of ideas, etc. It is one of the areas of what’s known as the collaborative economy.
Source: Coworking - Wikipedia, the free encyclopedia
Crowdfunding is a way of financing a project by reaching out to a whole group of people through an intermediary website. The objective is to collect enough funds to realize your project.
The success of a crowdfunding campaign is directly linked to the public’s interest in an innovative concept, a distinct product or a service that responds to a real need within the community. For this type of funding, the number of people who pitch in matters more than the sum invested by each, as many small sums can sometimes lead to the creation of ambitious projects.
A Fablab is a collaborative building space that makes a whole range of tools and machines such as 3D printers available to the public.
As a contraction of the words Fabrication Laboratory, Fablabs were first developed in the US before eventually expanding across the globe.
The Fablab is a separate space, much like coworking spaces. While coworking spaces are set aside for services, Fablabs are used more by hands-on, industrial professionals looking to build a prototype.
A Fablab offers up a whole range of tools, amongst which you’ll usually find a laser cutting machine, a milling machine, saws, a sander, one or many 3D printers, machines, tools, etc....
During the growth phase, the business increases its revenue and the product or service enjoys a solid place for itself in the market. The founders then have to handle a whole array of issues like hiring staff, sharing decision-making power, shaping and communicating their corporate values. Continued growth remains a priority and that growth can either happen externally (merger-acquisition) or organically (internal growth). Most often, the work linked to the product or service can become profitable at the end of this phase.
Related activities: client diversification
Originally, a hackathon was a competition between individuals or teams of hackers brought together to find a way to get into a usually protected computer system within a short span of time (24 to 48 h.) The term was then widened to include contests or sessions during which programmers have to develop a computer program or application.
The hackathon format is now also used in the fields of ecommerce and marketing to develop prototypes for new computer applications, products or services. Those who participate may receive a salary or may be students, external partners or even clients. The goal can be to develop products and/or identify key skills amongst participants. It’s a creative process often used in the field of digital innovation.
Synonyms: cooperathon, hack day
Innovative process and staging of an idea via an innovative business plan, realistic financial planning, etc. The ability to innovate then, for a startup, becomes the ability to transform a simple idea into a business opportunity in order to cement its business potential and successfully lead the product to market
Related activities: Initial idea and strategy, business model hypothesis, operations planning, financial planning, business plan, incubation
A business incubator is a structure that offers help and guidance for those instigating innovative projects.
They’re often young businesses still in the creation and ideation phase,
Many services are at the disposal of entrepreneurs: work spaces, financing, advice, training, etc.
Innovation is based on an invention, but an invention doesn’t always lead to innovation. Innovation sits at the intersection of an invention and its market, it’s the broadcasting and commercialization of a new or higher performance solution that aims to provide users/consumers with a new or improved service.
The concept of Lean Startup was introduced in 2008 by Eric Ries. It’s a development process based on a constant study of the client’s needs, which leads to a continuous adaptation of the product at a minimal cost. Its core principle is to launch an idea with a Minimum Viable Product within a small circle of people after having identified a need or a gap. You then consider their feedback to improve the initial idea and repeat the process, therefore permanently innovating until you reach success. This intersects with the principle of continuous innovation.
Lean startup is an approach to business development that is based on the principles of lean production, a manufacturing methodology that values a business' ability to change quickly.
Source: techtarget.com - definition - Lean-startup
A this stage, the company is stable and becomes very profitable. Short and long-term loans are now accessible at good rates. Equity still represents an important part of the capital for all investments. During this stage, most products or services are in their maturity stage and the business must be creative and imaginative to keep its clientele and seduce new customers.
Related activities: Transition towards incorporation, cash-flow balance, reinforcement of the leadership team
MVP (Minimum Viable Product)
The Minimum Viable Product is a marketing technique used to test the viability of a product that’s up for potential development. It lies on the building of a minimal prototype in order to run launching tests all the while minimizing costs. This method allows you to identify the needs and interests of customers, to see if a product is viable and to hone in on the specificities of your target market - all the while reducing risk. This product is built in the early, pre-commercialization stage.
The expression open innovation was popularised by Henry Chesbrough in a book published in 2003. In its wider sense, the expression means that innovation can not be an individual or isolated process, but that it has to align with a collective logic, public research laboratories, interactions with the competition, suppliers, clients, etc. Today, the term “open innovation” has become synonymous with the importance of interactions and exchanges within the innovation process. In short, open innovation is the use of knowledge sharing to accelerate internal innovation and widen external market use of innovation.
After an initial research and development stage, the company starts commercializing its innovative product or service across new markets. This phase allows you to measure the full potential of the innovation by testing how it’s received. The goal of pre-commercialization is to figure out any changes to your predictions as early as possible in order to make the necessary revisions and allow the product or service to reach its goals.
Related activities: r&d, MVP, prototype, product or simple functionality, build, measure, learning process, client development, agile product development.
A Startup is a young and innovative business with high growth potential that often seeks to collect funds. One may also speak of Startups when referring to a company that has not yet gone to market (or only done so experimentally.) Startups can be found in any and all activity sectors.
Strategic monitoring is a document research and information processing technique that helps you make strategic decisions.
Strategic monitoring includes many different types of monitoring:
- Technology monitoring
- Competitive monitoring
- Legal monitoring
- Social monitoring
Every type of monitoring responds to specific objectives. Monitoring allows the company to have a peripheral view of the market and to best evolve within its needs by making the company more reactive.
Competitive monitoring sets itself apart from competitive benchmarking in that it is permanent, where benchmarking is usually more punctual.
High-risk investments paired with high gain potential and injected into businesses with strong potential for growth offering new products or services.
Synonym: development capital