Innovation dictionary

Basic research is an experimental or theoretical work with the goal to achieve and/or broaden scientific knowledge about the base of phenomena and facts without the previous ambition to utilize the results in concrete products, services, etc.

Business angel is a private person investing in projects based on his/her own impression.

The basic aim of business incubation is the acceleration of the growth phase of the company, and make its innovation processes more effective.

Business model -in a narrower sense- is the method, the company enters the market and sales its product.

The cluster includes a pool of knowledge and network of professional partners (business partners, professional institutes, universities, etc.) to enhance the competitiveness of a region.

Patents are granted for any inventions in any field of technology, which are new, involve an inventive step and are susceptible of industrial application.

Corporate venturing comes into existence between any of two companies.  The aim of the investor is the stabilization of its position based on the partner company, and on the other side as a support give an opportunity for its partner to share its risks.

During the due diligence, the investor examines and evaluates the project before investing his capital into it.

The elevator pitch is a short and essential speech concluding the main features of a product, service or project.

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Growth potential shows the investor the volume and extent of the growth that can be reached by commercialization of the product or service.

Industrial model grants legal protection for the appearance of a product. By means of this protection, the right holder can create or strengthen his position on the market.

Innovation management is the discipline of managing processes in innovation. It can be used to develop both product and organizational innovation.

These rights contain both personal and property rights. The personal rights of the inventor means that the person who created the invention is supposed to be the inventor. The law differentiates the service and the employee inventions.

Invention is the result of  technical creation, technical development. The inventor is the person, who effectively invented, created the invention. Anybody can be inventor. 

Know-how refers to confidential engineering and management knowledge and experience.

The meaning of licence is license and right of utilization. Licence is a partly or full utilization of intellectual property rights in time and/or space.

Innovations lead to value generation in the market during this process.

The patent ensures legal protection of inventions by granting a better position to the owner of invention compared with that of rivals in the market of products and technology.

The aim of the pre-seed fund is to finance the development, and initial costs of commercialization of scientific results.

Private equity is an investment not being marketable without restraint.

Several companies deal with the problem of finding marketable inventions and projects – the problem might be solved by a well-organized project contest. These contests consists of  project demonstration, writing business plan or presenting an elevator pitch.

Research and development (R&D) are activities having the aim of gaining new knowledge, possibilities of new applications and developing new services and methods.

Tacit knowledge is non-codificated (not written), that is why transfer of knowledge is possible only through persons involved. 

In narrow sense technology transfer means the commercialization of a technology, in broader sense it means the transfer of new knowledge.

The production starts after having finalized and tested the prototype successfully. During the trial production, the product can still be modified and the staff can be trained in regards to the production and the usage of the new machines and/or methods.