Innovation dictionary and buzzwords to keep in mind
oinaime • Mar 17, 2022
Do you feel lost because you don't know the terms that are being referred to in your business meeting? Well, we did put them together with their meaning so you never feel like that again.
A/B test
It is a test between two different types of content, determining which type of content has better results. It involves showing users two different options for content to determine which version performs better on a specific platform - very applied in marketing and product development areas.
Accelerator
A startup accelerator offers a range of resources and funding opportunities. Usually, they offer startups mentorship, office space, and supply chain resources through months-long programs. Business accelerator programs can also provide access to capital and investment in exchange for startup equity.
Agile
Agile is an iterative methodology for project management and software development that helps teams deliver value to their clients more quickly and less expensively. Instead of taking a "big bang" approach, an agile team delivers work in small, manageable increments.
Algorithm
A search engine algorithm is an organized list of rules or processes used to sort data in a database. For example, Google’s search engine has an algorithm that sorts information in its database based on keyword relevance, trustworthiness of websites, etc. Businesses can use keyword research tools such as Wordtracker or Ahrefs to discover which words or phrases are most popular for their industry and improve their performance in the algorithm.
Ambassador
An ambassador is a person who represents his or her country in a foreign territory, usually at an official level. While often used to discuss diplomacy, it can also be used in less formal contexts to refer to people who help bring attention to their organization's mission.
Angel
An individual or corporation who invests in a new business, taking no part in management. Angel investors are interested in potential profits, and when they do not have time to actively manage their investments, but rather leave that to others. They can provide non-monetary support such as practical advice or mentoring for free. A small share of future profits may be given to an angel investor once an investment is sold at a profit.
API
An API, or Application Programming Interface, is a software interface that allows two applications to communicate with each other. Every time you check the weather on your phone, use an app like Facebook or send an instant message, you're interacting with an API.
Bleeding Edge
Bleeding edge refers to an emerging product or service that is new, experimental, often untested, and carries a great deal of uncertainty. Bleeding-edge technology is generally referred to as something new, more extreme, and riskier than a cutting edge or a leading-edge technology.
Branding
By incorporating elements such as logo, design, mission statement, and a consistent theme across all marketing communications, branding creates a strong, positive perception of a company, its products or services in the mind of customers.
Boost Productivity
The first step to increasing your company’s productivity is to figure out exactly how productive you currently are. Once you know what’s possible, then you can focus on achieving those goals. One effective way to do that is by setting benchmarks and tracking metrics with software.
Bootstrapping
Today, bootstrapping refers to any company that relies primarily on self-funding as opposed to outside investments or loans. Instead of relying on loans or an influx of capital from investors, bootstrapped companies typically use revenue generated by their products and services, as well as founders own investments. They usually focus on improving sales rather than gaining new clients.
B2B
Business-to-business. Refers to interactions between businesses rather than businesses interacting with consumers. For example, your business’s website is B2B because it doesn’t sell directly to customers. Example: Salesforce company sells sales force management tools for consumer-goods companies.
B2C
Business-to-consumer (B2C) describes a situation where a business offers products or services that are directly purchased by end consumers. If a company buys products from suppliers, markets those products to other businesses or sells those goods at wholesale to distributors, it’s not B2C. Instead, those activities indicate business-to-business (B2B) sales. In short, B2C marketing focuses on selling directly to final consumers rather than businesses. Example: Mc'Donalds owns their stores and sell burgers directly to consumers.
B2B2C
B2B2C means business to business to consumer. Businesses that want to sell to consumers will typically sell through a third party, such as retailers, wholesalers or e-commerce companies. Many times they have strict guidelines around what they’ll carry, how it’s sold and where it can be sold. So while you might have an amazing product idea, you may not be able to launch your own stand-alone direct-to-consumer store. As a result, manufacturers are increasingly going after end users by teaming up with downstream channel partners who have access to end users—such as home builders or auto dealerships—and letting them sell their products for them. Example: Ford advertises cars to people, but they sell those cars to auto dealerships. Those dealerships sell brand new cars to people.
B2G
The business-to-government (B2G) business model involves the marketing and sale of goods and services to government agencies at all levels. Example: Saab AB is an aerospace and defence Swedish company which builds fighter aircrafts for example. Those aircrafts can't be sold to other companies or people, but to governments and their defense departments.
P2P
P2P are business which put users directly connected. Example: business models in which people lend money to each other through peer-to-peer lending (P2P). As a lender, you get interest and get your money back when the loan is repaid. This kind of business offers better interest rates to people but the risk with P2P is much higher. Many content download platforms also make use of a P2P model.
Churn rate
The churn rate is the rate at which a customer stops doing business with a company over a defined period of time. The churn rate is also affected by subscribers who cancel or do not renew. When you lose more customers, your churn rate gets higher.
Customer acquisition cost
A company's customer acquisition cost (CAC) is the amount it spends to acquire a new customer. By calculating CAC, businesses can measure their return on investment. You can divide all the investment done to acquire customers by the numbers of new customers you got on a certain period of time and investment. That will be your CAC for that period.
Customer journey
The customer journey is a tool that can help guide your content creation strategy and sales pipeline. It helps to break down what people need and want, starting with awareness of a problem they have, moving through consideration of a product or service you can offer them, right up to building brand loyalty. Create an effective customer journey map and you’ll not only be able to align your marketing efforts across channels but also craft compelling copy that speaks directly to your customers’ needs.
Crowdsource
Crowdsourcing is a way of outsourcing tasks to a large group of people. Tasks can be handled by individuals or small groups of people. Although there are potential pitfalls to crowdsourcing, it is a powerful tool when used correctly.
Deliverables
Traditionally, deliverables in project management refer to the quantifiable goods or services that must be provided upon completion of a project. Deliverables are either tangible or intangible.
Early adopters
Individuals who adopt new products before the majority does are called early adopters. They take risks and set trends that can affect whether a new product is a success or not. For this reason, many companies seek the approval of early adopters.
Exit Strategy
The term "exit strategy" refers to a contingency plan involving the liquidation of a financial asset or the disposition of tangible business assets after predetermined criteria have been met.
Freemium
A freemium product or service is a basic version of a product or service that is provided free of charge, but that has premium features for which additional payments are required.
Holy grail
A very desired outcome on the verge of becoming sacred.
Iterate
Iteration is the repetition of a process to produce a series of results.
Influencer
Influencers are people in your niche or industry who hold sway over your target audience. Influencers are people who have specialized knowledge, authority or insight into a particular topic. They are a good launching pad for brands looking for credibility because of their pre-existing niche presence.
Influencers today can be categorized as follows:
Influencers today can be categorized as follows:
- Industry experts and thought leaders
- Celebrities: Athletes, Artists, and pop culture stars.
- Bloggers and content creators
- Micro-influencers: Individuals with impact over a small amount of people
Intrapreneur
If you’re looking to drive internal innovation and growth at your company, one option is to act as an intrapreneur. Intrapreneurs are employees who have permission from management to experiment with new ideas. Do you want to become an intrapreneur or develop those within your business? So take a look in our
developing skills game
.
Investment rounds
A funding round is a regularly occurring event in venture capital-backed startup companies. New investment rounds are often announced publicly in order to attract new investors.
Lifetime value
Customer lifetime value (LTV) is an estimate of how much revenue a customer will generate during their lifetime. A company can use this value to determine many economic decisions including marketing budgets, forecasting, resources, and profitability.
Low Hanging Fruit
In achieving success or making progress, LOW-HANGING FRUIT refers to the obvious or easy things that can be accomplished and dealt with.
Market fit (Product market fit)
The degree to which a product satisfies a strong market demand. Market fit requires that a startup’s product or service address a specific customer segment’s needs better than its competitors do.
Mission statement
A mission statement defines who your business is, what it does, what it wants to accomplish in a certain period of time, and how it plans to do so. This helps you stay focused on long-term goals.
Mobile-first
A mobile-first approach involves building a mobile-optimized experience before designing for desktop or any other device.
Monetization
It is the process of converting something like a service, product or feature into money that is known as monetization (also spelled monetisation).
MVP
An MVP (minimum viable product) is a working product that has just enough features to satisfy early customers, and to provide feedback for future development.
Networking
Business success is all about who you know. Networking is how you get to know people. If you aren’t meeting with potential clients, collaborators, or other business contacts on a regular basis, your ability to be successful will suffer as a result.
NPS (Net Promoter Score)
Forbes defines the Net Promoter Score (NPS) as an index used to determine the willingness of customers to recommend a brand, product or service. Through a questionnaire, customers and consumers respond about their experience with that product or service, and the responses create a metric that is used to measure it. Customers rate the likelihood of their recommendation on a scale of zero to 10. Companies then convert this to an index ranging from -100 to 100.
Onboard
When a company first begins doing business with your company, it is sometimes referred to as onboarding. During onboarding, you will want to gain insight into what their needs are. With that information in hand, you can provide them with a solution.
Product Pipeline
An organization's product pipeline consists of a series of products, either under development, preparation, or production, available for purchase, developed and sold at different stages of their life cycle.
Pivot
Business pivots are key strategic moves. As its name suggests, it represents a drastic change in direction for at least one aspect of the business.
Retargeting
Retargeting consists of advertising to users who have already had some sort of interaction with your brand. Example: people who installed an app well after the conversion.
SaaS
SaaS (Software as a Service) refers to the delivery of applications over the Internet. Rather than installing and maintaining software, you can access it via the Internet, eliminating the need for complicated software and hardware management.
Seed Funding
The first stage of equity investment is seed funding. This is usually the first money raised by a business venture or enterprise.
Traction
Traction is the growth of a new business and the momentum it gains.
Value Proposition
Value propositions are promises companies make to customers about what value they will deliver when they buy their products.
User Experience (UX)
A user experience (UX) describes an individual's interaction with and experience of a product, system or service. It is based on a person's perceptions of utility, efficiency, and ease of use.
Wireframe
Essentially, a wireframe is an illustration of a webpage's or app interface that emphasizes space allocation and priorities, functionalities available, and intended behaviors.
Try working on a big problem in your life or in your company or organization in the future as you think about innovation. Then, consider how you can make a difference to over one billion people. It's impossible to innovate without passion. Discover the 20 greatest innovators and the soft skills you need to achieve your goals.
Existem muitas ideias e projetos inovadores. Utilizá-los pode transformar completamente a forma como percebemos o mundo e realizamos nossas tarefas diárias. Algumas invenções são tão voltadas para o futuro que estabelecem um legado para as gerações futuras. Parece que pessoas brilhantes podem construir tudo o que você possa imaginar, incluindo gadgets, veículos e quase qualquer outra coisa. O pensamento inventivo é geralmente caracterizado por romper com o status quo. Métodos inovadores podem tornar os métodos antigos obsoletos e introduzir paradigmas novos e imprevisíveis. Um verdadeiro inovador é alguém que inova novas ideias e as traz à vida. Inovar significa criar algo que torne a vida melhor. A paixão é a chave para a inovação. O mundo parece diferente para os inovadores. Como resultado, eles ficam obcecados em tornar o mundo um lugar melhor. Inovadores com fins lucrativos estão sempre tentando agregar valor ao mercado. Algumas pessoas se concentram em impulsionar a raça humana por meio de pesquisas básicas. Seja qual for o setor em que atuamos, todos trabalhamos incansavelmente para resolver problemas e criar um mundo melhor. A civilização humana testemunhou muitas maravilhas da engenharia ao longo da história, algumas das quais melhoraram a qualidade de vida e outras foram destrutivas. Por outro lado, no mundo dos negócios acelerado de hoje, continuar melhorando é uma maneira essencial de desenvolver sua mentalidade inovadora e preencher qualquer lacuna de habilidades que sua equipe possa ter. O relatório LinkedIn 2023 Most In-Demand Skills mostra que as soft skills, tanto usadas dentro da empresa (como resolução de problemas, liderança e tomada de decisão) quanto fora (alcançar e reter clientes) estão entre as que as empresas mais precisam neste momento. Então, vamos dar uma olhada nos 20 maiores inovadores de todos os tempos e nas habilidades que os fizeram ter sucesso: Aqui estão os 20 maiores inovadores de todos os tempos. 6 principais soft skills para você e sua equipe alcançarem seus objetivos. Em um mundo de automação, são as soft skills que diferenciam.