Innovative and flashy, but often unnecessary and confusing, features of a product, such as computer hardware or software. Originally referred to the 'toy boxes' on theater organs of the silent-movie era.
Brainstorming is a group session of executives from different business disciplines, where new ideas are expressed to solve a business situation or formulate corporate policy. Originated by Alex Osborn, it focuses on generating a multitude of ideas in a non-critical environment.
Business process re-engineering (BPR) is a strategic approach to improving organizational efficiency by fundamentally rethinking and redesigning business processes.
A change agent is an individual or entity that facilitates and supports change within an organization, steering it away from traditional methods towards more innovative and effective approaches.
The UK government department responsible for consumer and competition policy, company legislation, employment law, science and research, higher education, and adult learning. Formed in 2009 from the merger of the Department for Business, Enterprise and Regulatory Reform (BERR) and the Department for Innovation, Universities and Skills (DIUS).
Development encompasses the processes of enhancing products or creating new types of products, as well as the process of placing improvements on or making enhancements to parcels of land within the real estate industry.
An entrepreneur is an individual who initiates business activity, often taking significant financial risks with the hope of profits.
Initiative refers to the action of creating or starting new projects or ideas. A manager with initiative has the aptitude to introduce new concepts or techniques, often taking action independently without waiting for instructions. Individuals displaying initiative are self-starters and self-motivated. In the business world, initiative is closely linked to entrepreneurial activities.
Innovation refers to the use of a new product, service, or method in business practice immediately subsequent to its discovery. It plays a critical role in the growth and success of businesses by fostering competitive advantage, enhancing productivity, and driving industry evolution.
In economics, invention refers to the development of entirely new technologies or methods of production, distinguishing it from innovation which focuses on improving existing technologies and methods.
The iPad, a hugely successful mobile tablet computer produced by Apple Inc., revolutionized mobile computing and expanded the use of apps since its 2010 release.
Knowledge management (KM) involves the creation, sharing, and utilization of organizational knowledge to enhance performance. Successful KM initiatives lead to improved employee involvement, creativity, intrapreneurship, and innovation.
Low-tech products use earlier or less developed technology, often characterized by simplicity and ease of use. These products typically have fewer technological complexities and are designed to fulfill basic needs or functions without incorporating advanced technical elements.
A pacesetter is something that sets the standard for others to follow, often in industries such as fashion, technology, or business processes. It signifies innovation and leadership that others aim to imitate or exceed.
A paradigm shift refers to a fundamental change in a model or pattern that has been nearly universally accepted. It often marks a significant transformation in the way processes or concepts are understood or executed.
Patent warfare refers to the practice of utilizing multiple patents with varied expiration dates covering different aspects of the same invention, intending to block competition post the original patent's expiration.
Product differentiation is a strategic process employed by businesses to set their products apart from competitors through unique features, branding, and quality.
Product Research and Development (PR&D) involves activities performed by a team of professionals working to transform a product idea into a technically sound and promotable product. This process, also referred to as Research & Development (R&D), is essential for innovation and maintaining competitive advantage in the market.
The term 'Pushing the Envelope' involves working close to, or at, the extent of personal, physical, or technological limits, often to achieve groundbreaking advancements or surpass existing limitations.
Research and Development (R&D) refers to the investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures. Key components are innovation and technological advancements.
A research-intensive product, project, or industry demands a significant number of man-hours dedicated to research. These applications often involve intricate and complex technologies.
Silicon Valley is a region in California known for its high concentration of tech companies and innovation in high-tech research and development. Named after silicon, a primary component used in semiconductor computer chips, this area has become a global hub for technology startups and established technology giants.
According to the U.S. Department of Commerce, a small business is defined as a business employing less than 100 people. Small businesses play a disproportionately important role in innovation as well as in economic and employment growth in the United States.
Technological obsolescence refers to a situation where technology becomes outdated due to the introduction of newer and more efficient technological advances. This phenomenon often leads to older technologies no longer being used or supported, such as traditional typewriters being replaced by word processing software.
Thinking outside the box refers to creatively thinking that is not restrained by conventional or traditional boundaries. It encourages innovative problem-solving approaches.
Thinking outside the box refers to breaking away from traditional or conventional thought processes to develop unique and superior solutions to difficult problems.
