innovation-lifecycle

Vocabulary Word

Definition

'Innovation lifecycle' is the process of developing an idea into a finished product or service. This includes coming up with the idea, refining it, creating a prototype, testing it, and finally launching it to the public.

Examples in Different Contexts

The CD (Compact Disc) experienced the innovation lifecycle. Initially celebrated for its superior audio quality, it eventually faced decline due to digital streaming services.

Practice Scenarios

Business

Scenario:

Our team has noticed significant possibilities for growth in the pet tech industry. The development of a groundbreaking product could catapult us ahead of our competition.

Response:

That's exciting, and I agree. Navigating the innovation lifecycle for a new pet tech product could open up fresh possibilities for our brand.

Design

Scenario:

Considering the recent sustainable fashion tendencies, we need to rethink our material sources. This could be an opportunity to innovate and differentiate our brand in the market.

Response:

Absolutely. Integrating sustainable sources into our innovation lifecycle could strengthen our brand identity and appeal to eco-conscious consumers.