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A paradigm that assumes firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology.

The simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand.

A project management technique that divides an innovation or product development effort into distinct stages, separated by management decision gates; resource allocation and continuation decisions are made at each gate.

A set of techniques and tools for process improvement. It seeks to improve the quality of process outputs by identifying and removing the causes of defects and minimizing variability in manufacturing and business processes.

The creative process of generating, developing, and communicating new ideas, where an idea is understood as a basic element of thought that can be visual, concrete, or abstract.

A business strategy where a company quickly imitates the innovations of its competitors, refining them and often improving on them.

A market research method that involves identifying lead users (innovative and forward-thinking users) and involving them in the product development process.

A model that describes the adoption of new technologies, characterized by slow initial progress, then rapid growth, and finally leveling off as a technology matures.

The process by which an innovation is communicated through certain channels over time among the members of a social system.

A group of people with different functional expertise working toward a common goal; often includes people from finance, marketing, operations, and HR.

The ability of a firm to recognize the value of new, external information, assimilate it, and apply it to commercial ends.

An innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading firms, products, and alliances.

An innovation that slightly improves a existing product or service, usually by enhancing features or performance.

A version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.