Glossary
Key terms and concepts for the Innovator's Hub Challenge.
Design Thinking
A human-centered, iterative process for creative problem-solving. It involves empathizing with users, defining problems, ideating solutions, prototyping, and testing.
Problem Statement
A clear and concise description of the user's problem that a product or solution aims to solve. It focuses on the user's needs, not on the product itself.
Ideation
The creative process of generating, developing, and communicating new ideas. It's the third stage of the Design Thinking process.
SCAMPER
An ideation technique that uses a set of seven verbs—Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, and Reverse—to spark creative thinking and look at a problem from different angles.
Biomimicry
An innovation approach that seeks sustainable solutions to human challenges by emulating nature's time-tested patterns and strategies. For example, Velcro was inspired by the way plant burrs cling to fabric.
Market Validation
The process of determining if there is a need for your product in the market. It involves testing your concept with potential users before investing significant resources.
Prototype
A preliminary model or version of a product used for testing and gathering feedback. Prototypes can range from low-fidelity (sketches, paper models) to high-fidelity (interactive digital mock-ups).
A/B Testing
A method of comparing two versions of a webpage, app, or advertisement against each other to determine which one performs better. Each version is shown to different segments of users simultaneously.
Business Model
A company's plan for making a profit. It identifies the products or services the business plans to sell, its target market, and any anticipated expenses.
Intellectual Property (IP)
Creations of the mind, such as inventions, literary and artistic works, designs, and symbols, names and images used in commerce. IP is protected in law by, for example, patents, copyright and trademarks.
Pitch Deck
A brief presentation, often created using PowerPoint, Keynote, or Prezi, used to provide your audience with a quick overview of your business plan. You will usually use your pitch deck during face-to-face or online meetings with potential investors, customers, partners, and co-founders.