Title: Describe the role of innovation in entrepreneurship.
Course: Entrepreneurship (12053-I) > Section: Understanding Entrepreneurship

Description should include a definition of innovation, the relationship between entrepreneurship and innovation, and the reasons for the necessity of innovation in society:

- To differentiate a product/service
- To introduce a new product/service to meet a community demand
- To deliver value to the customer
- To reach new markets

Innovation can come in the form of a financial model, a marketing strategy, or a sales strategy.

Process/Skill Questions:

- How does the discovery of a new product line or service affect the business’ bottom line?
- Why is important to differentiate one’s product?
- How have entrepreneurs used innovation to reach new markets?
- How can demand force entrepreneurs to introduce new products?
- What factors influence an entrepreneur to select certain products or services to sell?
- What are examples of innovation that are not related to technology?
- What issues of intellectual property are raised when innovation takes place?
- Why is innovation important in a free-market economy?
- What is the relationship between innovation and entrepreneurship?