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 typewriter went through the innovation lifecycle. It began as a novel invention, saw widespread adoption, matured, and then declined with the advent of computers.

Practice Scenarios

Tech

Scenario:

We've been tweaking the app code for weeks, adding features as we receive user feedback. It would be great to have a swifter transition to the next step.

Response:

I concur. Moving swiftly through the innovation lifecycle can help us stay competitive and quickly adapt to user feedback.

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.