Innovation dictionary for beginners

Entrepreneurship It is that attitude and aptitude of the person that allows them to undertake new challenges, new projects; it is what allows them to go one step further, to go beyond where they have already arrived. It is what makes a person dissatisfied with what they are and what they have achieved, and as a result, they want to achieve greater achievements.

Another one of the innovation methodologies is Forth Innovation Method. Its name comes from the first letter of the five words that make up the word FORTH:

• Full Steam Ahead (full throttle)
• Observe & Learn (observe and learn)
• Raise Ideas (idea generation)
• Test Ideas (test ideas)
• Homecoming (back home)

Forth It helps double the effectiveness of innovation processes focused on the customer to develop and improve products, services and business models. It consists of refining processes and minimizing difficulties through improvements in innovation that work effectively through three trends: The Design Thinking, creativity and business reality.

This methodology has a duration of twenty weeks: part of the initial chaos of an innovation process to arrive, with the innovation team itself, at the creation of three to five possible new businesses, products, business models or services.

El Growth Hacking It is a discipline that encompasses a set of techniques used to promote the rapid growth of the company. With the least possible effort and expense, we seek to rapidly and significantly increase the volume of users, revenues or impacts of a company in the shortest possible period of time.

Un Hackathon it is a meeting, a kind of short and intensive event, in which a group of people seek, through their collaborative work, find a solution to a problem or an answer to a challenge in record time.

This type of collaborative event encourages the rapid exchange of ideas, accelerated development and the establishment of contacts with other people in the sector in a short period of time.

Normally, the response that comes out of a Hackathon It is a solution in the form of finished prototype for an innovative product, service or business model.

Ideation is a creative process for generate a large number of ideas related to a problem to be solved or to a new challenge that arises and to identify the best ones. Ideation consists of giving shape to a concept that is the starting point for a project or business plan.

Una incubator de startups is an entity that offers support to entrepreneurs in the development of their business ideas. Projects participating in incubators are usually in their initial phase, and this is one of the main differences with accelerators: incubators help to enter the market, while accelerators help projects already under development. Therefore, once the business has been launched or launched, the incubator leaves its place to the accelerator.

La innovation it is a process of improvement. Applied to the business environment, we can define it as the improvement of what already exists, the generation of value through the modification or creation of new ideas or models that have a positive impact on the market and provide value to users.

Un Innovation Hub is a space where startups, entrepreneurs and companies come together to share knowledge, learn, work collaboratively and co-create. In this way, an ecosystem is formed in which to generate synergies and promote mutual progress and growth. Innovation hubs promote initiatives and are potential business generators.

The fundamental difference with the spaces of coworking The fact is that hubs encourage interaction with all users to become collaborative communities.

Una Insurtech is a digitally native company with a mission to solve insurance industry problems through technology and a refreshing framework. The mentality is always to challenge the Status Quo.

Technology and startups are key to insurance companies' innovation, since both represent the possibility of evolving and solving the challenges faced by the sector. Take a look at the first one! Insurtech map of the insurance sector!

El Internet of Things (IoT) is a concept that refers to a digital interconnection of objects and devices with the internet. This technology offers many possibilities for improving everyday and business life. Interconnected objects and devices can be of many types, from sensors and mechanical devices, to clothing, wearables, appliances, light bulbs... objects that connect and exchange data over the internet.