Innovation dictionary for beginners

The breakeven point is a calculation that allows us to know from what point a company begins to sustain itself. In other words, how much you need to sell to pay for all your fixed costs and expenses without losing money.

Un Business Angel It's that one natural or legal person who provides funding and/or experience to new entrepreneurs, and it does so in order to make a future profit. In other words, he is a private investor willing to collaborate on a business project in exchange for participating in some way in the company and recovering part of his invested capital.

However, in addition to financial capital, this type of investor is an experienced investor, so he also provides business knowledge. Thanks to this experience, he is able to guide the entrepreneur to obtain business profitability.

Although a Business Angel invests at any stage of development, performs a fundamental role in the creation of innovative companies by supporting entrepreneurs in the early stages of the life cycle of their companies.

Un Business Case or profitability analysis is an exercise in which the revenues and costs associated with an event or project that is intended to be undertaken are evaluated, isolating from the analysis all revenues and costs that are not directly involved in the event. An action that has already been carried out or that is going to be implemented can be analyzed. The important thing in both cases is to have information and to always evaluate the maximum loss that can be incurred, as well as the breakeven point. Its usefulness encompasses any initiative whose purpose is to obtain a return.

Profitability analysis is an exercise used to make strategic decisions about potential investments. Thanks to this type of exercise, decision-making is based on a base on which it can be pivoted.

Structures driven by institutions (public or private) that offer support to entrepreneurs to carry out their business project. They are also known as a “business incubator”, or “business incubator”.

Business Model Canvas, translated as business model canvas, is a strategic management template for developing new business models or documenting existing ones. It is a visual representation with elements that describe product or value propositions of the company, infrastructure, customers and finances. Its main purpose is to help companies align their activities by illustrating possible compensations.

Un business model It is an abstract representation that serves to clearly define what an organization is: what it offers, to whom, through what channels, what its key resources are, how it generates revenues, the expenses it has... An analysis that will allow us to know well the operation of the company and the actions necessary to achieve its objectives.

Un Buyer Persona is a fictitious representation of your ideal customer represented as the profile of a specific person, with a first and last name. To be useful, it must be based on data, interviews and well-founded conjectures. It helps to ensure that all the messages (marketing campaigns, sales conversations, service activities, etc.) that we send to customers are in sync and customers have a consistent experience from start to finish.

Chat GPT It's a chat system based on an artificial intelligence language model developed by the company OpenAI. This model is trained with large amounts of text to perform language-related tasks: from translation to text generation.

In the case of ChatGPT, AI has been trained to Hold conversations with anyone. Your algorithms should be able to understand what the user is asking with precision, including adjectives and variations that you add to your sentences, and respond in a way that is consistent with relevant information.

Un Chatbot is a computer program based on artificial intelligence (AI) designed to simulate conversations with people through automatic responses. They generally operate through messaging applications, that is, the conversation takes place using text, although some are beginning to give them greater realism with the incorporation of sound. Discover What are chatbots for and the advantages of using them in the company.

To co-construct or co-create is to unleash creative energy to transform something into individual and collective experience. It's turning the conversation into a process of co-creation. The key to co-creating is in involve, work and empower people in dialogue to generate ideas and create concepts and situations in collaboration.