Glossary

Open Innovation Definition Open innovation is a type of innovation initiative in which people outside an organizational unit are invited to participate. This can happen within a company by reaching out to the entire organization to gather ideas or by looking beyond the company. Today, “open innovation” is most often used for the latter. The … Read more

Validation Definition Validation is the process of testing hypotheses to gain insights into whether an idea will be successful or not. This can be done through interviews, observations and experiments, and conclusions and recommendations are made based on the results.   Validation of ideas comes after the ideation phase and lasts well into the incubation … Read more

Screening Definition Screening describes the process of evaluating ideas against a set of criteria and deciding whether ideas should progress/move forward in an innovation initiative.   The screening phase of an idea campaign or innovation challenge typically follows the ideation phase. It is not only an analytical task, especially since ideas and innovation are characterized … Read more

Product-Market Fit Definition The term “product-market fit” refers to the match between the actual solution (product, service, business model, etc.) and the market it addresses. Essentially, it is about finding out if a solution satisfies strong market demand.   When bringing a solution to the market, it is critical to know whether or not it … Read more

Problem-Solution Fit Definition The term problem-solution fit refers to the match between a proposed solution and the problem or an unmet need it is trying to address. Problem-solution fit precedes product-market fit.   The first indication of whether an idea will be successful is typically based on finding a problem-solution fit. To decide whether there … Read more

Pitch session Definition During a pitch session, idea teams present their ideas to a panel and answer potential questions. The panel then decides whether or not to invest in the idea.   Pitch sessions offer the opportunity to gain insight into an idea and the team behind it, which are both crucial for success. They … Read more

Innovation Pipeline​ Definition The innovation pipeline is the pathway for ideas from initial registration over development to launch or implementation. Innovation managers typically keep track of the innovation pipeline to see if ideas are moving ahead as planned.   The innovation pipeline is a way of managing ideas and reporting on the progress of the … Read more

Innovation management Definition Innovation management describes a structured approach to managing innovation with defined processes, KPIs and governance structures to support it.   Companies that are serious about their innovation efforts will have defined processes for managing innovation, typically in the form of a pipeline perspective of their innovation efforts.  Decision gates are defined along … Read more

Innovation Challenge​ Definition An innovation challenge can be seen as an extended version of an idea campaign with a more ambitious topic, a wider reach in terms of participants, a greater communication effort, and a more ambitious process from ideation, over idea maturation, to pitching and awards ceremony.   Done right, the innovation challenge is … Read more

Incubation​ Definition Incubation is the process of taking an idea from concept to an actual product, service or business and testing key-hypotheses about the concept to see, if the product can fit the market.   The early part of incubation is sometimes referred to as validation to clearly indicate that the focus is not on … Read more