MSc INNOVATION MANAGEMENT AND ENTREPRENEURSHIP GLOSSARY

Innovation Management and Entrepreneurship Glossary

If you’re currently considering our MSc in Innovation and Entrepreneurship, our glossary can help you understand some of the course terminology.

Innovation - The development and implementation of a new idea (such as a product or process) that improves how a certain need is met.

Innovation Management - The process of organising, enhancing, and coordinating an organisation’s innovation processes.

Disruptive innovation - An innovation that creates a notable change in how a market or industry functions.

Entrepreneurship - The process of creating a new business and taking on any financial risks in the hope of making profits or solving a social problem.

Entrepreneur - An individual who creates and runs a new business while bearing most of the risks involved.

Product development - The process of creating or improving a product and managing it during all stages of development until it goes to market.

Intellectual Property (IP) - An intangible (non-physical) asset that is the result of an individual’s or an organisation’s inventiveness.

Intellectual property rights (IPR) - Legal rights that protect the owners of intellectual property from theft. Examples of IPR include patents, copyrights, and trademarks.

Brainstorming - A technique for encouraging new ideas that involves a group of people meeting to freely share and discuss their thoughts.

Business Incubation - The process in which an individual or organisation supports the growth of a startup by providing resources such as training, physical space, etc.

Startup - A young company founded by one or more entrepreneurs to develop a product and bring it to market.

Venture capital - A type of financing provided to startups and small businesses that are believed to have substantial growth potential.

Prototype - An early model of a product that is used to test or showcase a concept or process.

Ideation - The process of creating and communicating new ideas, from their initial stage to their implementation.

Master the business frameworks and creative thinking needed to bring innovation to your organisation. Explore the University of Portsmouth’s part-time, online MSc Innovation Management and Entrepreneurship.