Innovation and Business Concepts

What’s “agile innovation”?

• A methodology for managing projects that focuses on flexibility and customer feedback.

• A traditional approach to project management with strict timelines.

• A financial strategy for increasing company profits.

• A type of innovation that involves creating physical products only.

What’s an MVP?

• Most Valuable Player

• Minimum Viable Product

• Most Valuable Professional

• Minimum Value Proposition

Failing fast is important because it allows for:

• Quick identification of errors and iterative improvement

• Avoidance of any mistakes

• Ensuring success without any failures

• Delaying problem-solving until later

Startups innovate better than big companies because they are:

• more agile and flexible

• less risk-averse

• more resourceful

• all of the above

What’s “crowdsourcing”?

• A method of funding projects by soliciting contributions from a large number of people, typically via the Internet.

• A technique for gathering information from a small group of experts.

• A process of outsourcing tasks to a single individual.

• A strategy for marketing products to a niche audience.

Why use A/B testing?

• To compare two versions of a webpage or app to determine which performs better

• To randomly assign users to different groups

• To increase the number of users

• To decrease the cost of development

A “prototype” is:

• a final product

• a preliminary model

• a type of software

• a marketing strategy

Digital tools speed up innovation by:

• increasing collaboration and communication

• slowing down processes

• reducing creativity

• increasing costs

Involving customers in innovation is important because:

• it increases customer satisfaction.

• it reduces production costs.

• it speeds up the innovation process.

• it ensures compliance with regulations.

What stops big companies from innovating?

• Lack of resources

• Bureaucratic processes

• High employee turnover

• Strong competition