Innovation dictionary for beginners

Testing is the process by which the creators of a business try to transform hypotheses or assumptions into facts as soon as possible. Within the Learn Startup model, testing involves taking to the streets, asking customers if the hypotheses are correct and quickly changing those that were wrong.

El Time-to-Market It is the time that elapses from the idea of developing a new product or service to its launch on the market. Consequently, it encompasses all the work and decision processes necessary to market a product or service.

There is no Time-to-market standardized for all companies, based on the type of product and sector, different times will be established for the start-up in the market. However, the length of that time is crucial, since a late release can negatively affect revenues.

Net present value (NPV) is a financial indicator used to determine the viability of a project. If, after measuring future income flows and discounting the initial investment, any profit remains, the project is viable.

We could say that validated learning without fear of making mistakes is one of the most important concepts of the Lean Startup methodology.

When starting an innovative business project, many of the ideas we want to develop will be hypotheses and instead of building a product based on conjectures (which can lead to failure), what you must do is build a minimum viable product, which, based on a set of metrics, allows you to validate or invalidate the initial hypotheses, or in other words, obtain validated learning.

In this way, we build a prototype or minimum viable product, measure the results and learn about it, in order to make a decision about where your product or business project should evolve.

Una value proposition It is a resource for objectively and directly transmitting the advantages that a company can bring to its customers. Showing your customers what your company can offer is essential to engage them.

A correct value proposition relates the highlights of a company and positions it among its consumers, which improves their ability to solve the problems they have.

La Virtual Reality (VR) is an environment created using computer technology capable of creating in the user the feeling that they are immersed in it. This technology is used to enter video games or test environments to train skills, since it represents scenes and objects that look real.

The work scheme i-Flow Framework streamlines and diagnoses a company's innovation potential.

This methodology follows the Information Society model for measure and diagnose an organization's culture of innovation based on the knowledge acquired over the last 10 years, designing, implementing and coordinating innovative corporate initiatives.