What is a Minimum Viable Product (MVP)?
The most basic version of a product that allows a team to collect the maximum amount of validated learning about customers with the least effort.
What is a Commercialization Test?
This diagnostic is a method of testing readiness for commercialization. It is used to push the innovation process forward by looking ahead and closing the gaps step by step.
What is a Technology Readiness Levels (TRLs)?
A method for estimating the maturity of technologies during the acquisition phase of a program. TRLs enable consistent and uniform discussions of technical maturity across different types of technology. It is expressed on a scale from 1 to 9.
What is a Product?
A tangible or intangible item created to meet a specific need or demand in the market. It encompasses everything that is offered to the market for acquisition, use, or consumption that might satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas. Products evolve through the innovation process from concept to market launch and lifecycle management.
What is a Profit?
In the context of different sectors, profit is defined as the value, monetary or otherwise, that benefits various stakeholders. For example, it can refer to financial returns for shareholders, improved health outcomes for patients in healthcare, enhanced services for members in an association, or better quality of life for citizens in a country. Profit, in this broader sense, represents the positive impact and benefits derived from organizational activities and innovation.