Glossary Term

Definition

Product

A good or service that is new or significantly improved with respect to its characteristics or intended uses. This includes significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics.

Process

A new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.

Marketing

A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.

Organisational

A new organisational method in the firm’s business practices, workplace organisation or external relations.

New

Not existing before; made, introduced, or discovered recently or now for the first time.

Significantly improved

In a way that is easy to see or by a large amount.

Climate Adaptation

Climate Adaptation refers to adjustments in ecological, social or economic systems in response to actual or expected climatic stimuli and their effects. It refers to changes in processes, practices and structures to moderate potential damages or to benefit from opportunities associated with climate change.

Climate Change Mitigation

Climate Change Mitigation refers to efforts to reduce or prevent emission of greenhouse gases. Mitigation can mean using new technologies and renewable energies, making older equipment more energy efficient, or changing management practices or consumer behaviour.

Innovation

According to Oslo Manual (OECD and Eurostat, 2005), innovation is defined as the implementation of a new or significantly improved product (good or services) or process, a new marketing method or a new organisational method in business practices, workplace organisation or external relations. 

Innovation Stage

Pre-prototype

(Idea Generation and Business Analysis)

Your idea is fully developed, and you are evaluating the business potential of the innovation before proceeding to prototype development.

MVP Available

You have created a prototype or Minimum Viable Product (MVP), providing a tangible representation of the concept. A working model of the innovation is ready for testing. 

Testing

You are actively conducting tests and gathering user feedback, gathering rigorous evidence to identify and address any issues or shortcomings.

Pilot

You have refined your innovation through testing and are ready to introduce it to a limited audience or market segment, assessing how your innovation performs in practice.