Question 1 1 points Save Businesses that depend heavily on venture capital funding____. find that the ownership share of the entrepreneur-owners is diluted typically borrow money from the venture capitalists are usually given latitude to manage their business without input from the venture capitalists must structure themselves as C-corporations before they can accept venture capital investments Question 2 1 points Save Debt financing dilutes the equity share of entrepreneur-owners. TrueFalse Question 3 1 points Save Research shows that when venture capitalists attempt to determine whether a venture is worthy of their support, they focus on two things. One is the capabilities and experience of the core business team, and the other is: the amount of cash the venture holds whether the venture is being launched in an established market the number of years since the venture was launched the thoroughness and overall quality of the business plan Question 4 1 points Save Which of the following statements expresses a general truth about innovation? If I come up with new ways of doing things, I am sure to beat my competitors If it aint broke, dont fix it (no need to innovate) If you have a great invention, dont expect the world to beat a path to your door The best innovative solutions are those that outperform competitor products Question 5 1 points Save Process innovation does not focus on: reducing production costs speeding production establishing new products to penetrate new markets improving production quality Question 6 1 points Save An important way that large, well-established companies can take advantage of disruptive technologies is: to purchase smaller companies that have pioneered disruptive technologies and are now earning a decent living from them to invest heavily in disruptive technologies to invest only in disruptive technologies that are guaranteed to be winners to invest primarily in sustaining technologies Question 7 1 points Save For a society to establish strong technological capabilities, it must invest heavily in science. TrueFalse Question 8 1 points Save The creative problem-solving technique called attribute analysis tries to force people to think divergently by requiring them to assign unusual attributes to objects that are not normally associated with them. TrueFalse Question 9 1 points Save For an invention to qualify to be patented, it must pass three tests of patentability. Which of the following is not one of the three tests? The invention must be useful The invention must have scientific roots The invention must be novel The invention must not be obvious Question 10 1 points Save If Ajax Enterprises hold a French patent for a technology, and no other patent, then John Jones of the USA: is infringing on the patent if he produces the technology in his Chicago factory is not legally able to sell the technology in the USA would not be able to export the technology to France legally without Ajaxs authorization would not be able to use the technology in the USA for his own purposes Question 11 1 points Save Intrapreneurship focuses on: making bureaucratic organizations function more entrepreneurially identifying individuals who will promote entrepreneurship on teams identifying profit targets that new ventures should strive to achieve helping individuals tap into their innate entrepreneurial powers Question 12 1 points Save Counterfeiting is concerned with: unauthorized use of copyrighted material unauthorized use of patented technology unauthorized use of trade marks unauthorized use of trade secrets Question 13 1 points Save Which of the following statements regarding creativity is true? Extraordinarily creative people tend to have exceptionally high IQs Creative people are both imaginative and rooted in reality Studies on determinants of creativity have found that personal suffering has been a necessary stimulant to creativity among most highly creative people Creative people tend to be kooky Question 14 1 points Save Well-established successful companies are generally more interested in supporting sustaining technologies than disruptive technologies. TrueFalse Question 15 1 points Save Which of the following questions reflects market risk concerns? At what point will breakeven occur? Do we have the capability to produce a desired technology? How should we price our new product? Are we prepared to deal with changing regulations? Question 16 1 points Save The Linux operating system has had an enormous impact on software development and maintenance. From the perspective of technological entrepreneurship and innovation, an especially interesting feature of the development of Linux is: it is rapidly replacing Microsoft as the principal provider of operating systems for personal computers its development was funded by venture capital companies that normally support pharmaceutical ventures it was developed almost entirely by employing newly emerging agile and iterative software development techniques it is an open sourced product Question 17 1 points Save All innovations are rooted in science. TrueFalse Question 18 1 points Save An example of a trademark that became generic is: iPod Cadillac Xerox Aspirin Question 19 1 points Save The common heritage of mankind argument holds that: all humans are biologically the same and we should not confuse cultural differences among people with biological differences knowledge belongs to everyone, and should not be treated as intellectual property all people are entitled to express their views all humans have origins in Africa Question 20 1 points Save Which of the following illustrates incremental innovation? Invention of the light bulb Establishing the world wide web Releasing Version 2.0 of the Windows operating system Invention of movable type by Guttenberg Question 21 1 points Save In the start up phase of the product life-cycle: profits are negative owners usually have pre-production contracts with potential buyers risk is lowest sales grow explosively Question 22 1 points Save Which of the following legal business forms is easiest to establish? Sole proprietorship General partnership Limited liability company Corporation Question 23 1 points Save According to Richard Foster, market leaders often become losers and are supplanted by a new generation of companies because: they do not invest enough money in R&D their marketing strategies become old hat and lose their impact new companies are willing to invest more in R&D than well-established companies they invest primarily in existing successful technologies that are near the end of their technology life-cycle Question 24 1 points Save Innovation________. is another word for invention applies solely to engineering advances requires patenting of products that are produced requires inventions to be employed practically Question 25 1 points Save You can publish a book titled The Godfather without violating copyright law. TrueFalse Question 26 1 points Save Creative destruction where major companies are overwhelmed by innovation is a natural consequence of capitalism. TrueFalse Question 27 1 points Save The primary goal of quality control charts is: to show graphically the rate at which production quality improves to anticipate changes in the cost of production to determine whether goods produced lie within the range of tolerable variation to document the number of products produced that conform to specifications Question 28 1 points Save Later stage financing of a burgeoning venture is often used for: designing new products establishing production capabilities developing a detailed business plan acquiring other companies in order to accelerate growth Question 29 1 points Save Piracy is concerned with: unauthorized use of copyrighted material unauthorized use of patented technology unauthorized use of trade marks unauthorized use of trade secrets Question 30 1 points Save Richard Fosters concept of the defenders paradox holds that: by defending their existing successful innovations, companies are actually developing a good offensive strategy companies that continue to invest heavily in their successful innovations find that at a certain point, the returns on their additional investment drop dramatically when companies find their products being challenged by new market entrants, their best strategy is to strengthen their weakest products in order to throw the attackers off guard when cornered, defenders can be stronger than their attackers Question 31 1 points Save Contrary to popular opinion, access to venture capital is not crucial to starting up a high tech business. Only one of the following high-impact ventures relied heavily on venture capital during its start-up stage. Which one? Apple Computer FireFox PayPal Flickr Question 32 1 points Save Gap analysis helps business planners: identify gaps between revenues and profits identify product gaps that can be filled by means of new product development determine which departments contribute to business operations effectively and which do not estimate the time between the conceiving a new product and actually delivering it Question 33 1 points Save Seed funding for new ventures most commonly comes from: venture capital investors commercial banks angel investors personal savings, family and friends Question 34 1 points Save Sometimes companies that produce less than stellar products win the innovation battle because of network externalities. With network externalities: companies that possess strong network externalities win the competition because they have superior sales capabilities companies that possess strong network externalities win the competition because they have superior production capabilities companies that possess strong network externalities win the competition because they are able to tap into a an old boy network, where important luminaries in the industry support their products companies that possess strong network externalities win the competition because they have a network of sales channels and support capabilities that make their products more attractive Question 35 1 points Save Open sourcing is forcing us to rethink the meaning and rationale of intellectual property. TrueFalse Question 36 1 points Save What inventions did Edisons originally-patented light bulb incorporate? Improved vacuum process and carbonized filament Response a above, plus platinum lead-in wires Response b above, plus method for securing filament in place Response c above, plus method to integrate components in a glass bulb Question 37 1 points Save In his studies of highly creative people, Mihaly Czikszentmihalyi found for highly creative people to have an impact, it is not enough for them to be gifted. For creativity to take root and thrive, there must also be a well-defined domain of knowledge and ____. underlying process of creative destruction a high need-to-achieve (n-ACH) field of accomplishment need for affiliation (n-AFF) Question 38 1 points Save Flickr and CraigsList are examples of accidental ventures they did not start out with a view of producing the products that ultimately made them big. TrueFalse Question 39 1 points Save An important characteristic of inventions is that they have practical applications. TrueFalse Question 40 1 points Save A significant consequence to technological innovation and entrepreneurship arising from the financial meltdown of 2008 is: intellectual property protection decreased investment capital dried up support for entrepreneurship education decreased the currency exchange rates for all countries decreased Question 41 1 points Save Creative thinking techniques try to strengthen convergent thinking. TrueFalse Question 42 1 points Save Inventions and innovations are basically the same thing. TrueFalse Question 43 1 points Save If you pay a contractor to write an article titled The Evolution of the Domestic Dog, the contractor owns the copyright since he/she produced it, unless he/she enters into an agreement to transfer ownership to you ownership has not been determined, so it is necessary to enter into an agreement defining ownership rights the contractor owns the copyright, but you have free access to the copyrighted material and can use it at will you own the copyright because it is a work for hire, unless you enter into an agreement with the contractor to transfer ownership to him/her Question 44 1 points Save Which of the following products established a dominant design for a product line? Sanyos most advanced flat-panel television monitor Compaqs transportable computer, based on the IBM PC design The internal combustion engine automobile that ran on gasoline The electric pencil sharpener Question 45 1 points Save Which of the following is a purely scientific discipline? Electronics Physics Chemical engineering Astrology Question 46 1 points Save With business process reengineering (BPR): companies should seek dramatic changes in their business processes companies should seek gradual changes in their business processes companies are basically changing their organizational charts companies must be careful not disrupt established business operations Question 47 1 points Save When thinking about the traits of entrepreneurs, the prevailing feeling among experts is that great entrepreneurs are born, not made. TrueFalse Question 48 1 points Save Clayton Christensens book, the Innovators Dilemma, is one of the most important management books written in the past twenty years. In it, Christensen maintains that: companies can go out of business by adhering closely to their important customers demands the surest way to lose business is to contradict the customer the customer is always right it is not necessary to be innovative, because companies can copy the innovative efforts of other companies without going through the hassle and expense of conducting original R&D strictly speaking, there are no true innovations, because there is nothing new under the sun. Question 49 1 points Save The dream of most venture capitalists is to have the companies they invest in go public through an IPO. TrueFalse Question 50 1 points Save Which of the following schools of entrepreneurship would most likely support the view that studying for the MBA is helpful (though not absolutely necessary) to promote entrepreneurship? Psychological school of entrepreneurship Classical school of entrepreneurship Managerial school of entrepreneurship Great person school of entrepreneurship Question 51 1 points Save A review of the history of business confirms that if you build a better mousetrap, the world will beat a path to your door. TrueFalse Question 52 1 points Save At the time the electric light bulb was invented by Edison, a major challenge he faced in selling them was: fighting a lawsuit by Westinghouse Corporation, claiming his light bulb patent infringed one they held dealing with competition from overseas handling claims by his partners that they were entitled to half the profits derived from light bulb sales the absence of electric power distribution systems in American communities Question 53 1 points Save Lets say a four-legged chair is patented by Susan. John can add a fifth leg to the chair and get a patent on it. TrueFalse Question 54 1 points Save Schumpeters concept of creative destruction holds that: when entrepreneurs take over a business, they should strive to dismantle the way the business used to be run and implement new innovation-friendly processes a natural feature of capitalism is that established businesses cannot keep up with economic changes and entrepreneurial forces drive them out of business creative managers need to reinvent themselves constantly creative processes in the arts, sciences, and social systems entail rethinking how things should work Question 55 1 points Save According to William Abernathys perspective on corporate innovation, for a company to break the stranglehold of doing business the same old way, it should: focus R&D efforts on improving its existing products in order to make them more attractive in the market strive to strengthen the processes it employs to produce its products increase its R&D budget strive for de-maturation Question 56 1 points Save When looking at the histories of successful real world ventures, we come across cases where a successful venture was spun off from a larger technical effort. Examples include: CraigsList Firefox and Alexa Internet PayPal and Flickr Apple Computer Question 57 1 points Save Which of the following situations characterizes a high level of transilience? Working with an innovation that has major impact on how the organization approaches production in an environment of stable markets Working with an innovation that has major impact on how the organization approaches production and addresses changing markets Moving quickly from R&D efforts to production efforts Moving quickly from R&D and production into the market introduction of a new product Question 58 1 points Save Which of the following questions reflects financial risk concerns? At what point will breakeven occur? Do we have the capability to produce a desired technology? How should we price our new product? Are we prepared to deal with changing regulations? Question 59 1 points Save Although they apply their knowledge to different areas, scientists and engineers basically have the same backgrounds and share the same values. TrueFalse Question 60 1 points Save New high tech ventures come in many shapes and sizes. There are not many generalizations that can be made about them because there are so many routes entrepreneurs and technologies can follow. One exception is: they usually are funded by venture capital they usually emerge from university initiatives they often entail collaboration between a technical champion and a business champion they are usually based on carefully devised plans Question 61 1 points Save Process innovation can contribute directly to a companys profits by: reducing production costs identifying market niches that have not yet been exploited employing state-of-the-art equipment establishing the foundation for effective marketing and sales Question 62 1 points Save An innovation is approaching the end of its technology life when: it is at the top portion of its S-curve it is at the middle portion of its S-curve it is at the bottom portion of its S-curve when its S-curve shifts downward Question 63 1 points Save Which of the following is not a feature of a LLC? Company income is treated as personal income for tax purposes Outside investors can assume ownership shares of the company The company experiences limited liability protection The company must register with the Security Exchange Commission Question 64 1 points Save With basic science: scientists pursue their research effort without concern for practical results scientists must justify their research budgets by demonstrating how the research can yield practical results scientists must establish and test hypotheses scientists doing the research must have doctoral degrees Question 65 1 points Save As a product enters the maturity phase of its product life-cycle, one way to extend its life is to engage in incremental innovation. TrueFalse Question 66 1 points Save In the maturity phase of the product life-cycle, revenues continue to grow. TrueFalse Question 67 1 points Save Good science requires that members of the scientific community continually question the outcomes of scientific research efforts no effort is so worthy that it cannot be challenged. Which of Robert Mertons norms of science captures this principle? Communalism Universalism Disinterestedness Organized skepticism Question 68 1 points Save In order to maintain control over your copyrighted material, you need to put a copyright notice mark (e.g., 2012 Jones Corp.) onto works you write and publish. TrueFalse Question 69 1 points Save According to William Abernathys innovation life-cycle, during which stage is product innovation most prominent? Early stage Transition stage Maturity stage Post-maturity stage Question 70 1 points Save Which of the following items is not a standard characteristic of a disruptive technology? It is generally viewed as a second-rate technology when compared to leading technologies Because it is lower tech than prevailing technologies, companies that invest in it find that their technology portfolio has been weakened It tends to have lower profit margins than leading technologies It is risky, because it is largely untried Question 1 1 points Save Businesses that depend heavily on venture capital funding____. find that the ownership share of the entrepreneur-owners is diluted typically borrow money from the venture capitalists are usually given latitude to manage their business without input from the venture capitalists must structure themselves as C-corporations before they can accept venture capital investments Question 2 1 points Save Debt financing dilutes the equity share of entrepreneur-owners. TrueFalse Question 3 1 points Save Research shows that when venture capitalists attempt to determine whether a venture is worthy of their support, they focus on two things. One is the capabilities and experience of the core business team, and the other is: the amount of cash the venture holds whether the venture is being launched in an established market the number of years since the venture was launched the thoroughness and overall quality of the business plan Question 4 1 points Save Which of the following statements expresses a general truth about innovation? If I come up with new ways of doing things, I am sure to beat my competitors If it aint broke, dont fix it (no need to innovate) If you have a great invention, dont expect the world to beat a path to your door The best innovative solutions are those that outperform competitor products Question 5 1 points Save Process innovation does not focus on: reducing production costs speeding production establishing new products to penetrate new markets improving production quality Question 6 1 points Save An important way that large, well-established companies can take advantage of disruptive technologies is: to purchase smaller companies that have pioneered disruptive technologies and are now earning a decent living from them to invest heavily in disruptive technologies to invest only in disruptive technologies that are guaranteed to be winners to invest primarily in sustaining technologies Question 7 1 points Save For a society to establish strong technological capabilities, it must invest heavily in science. TrueFalse Question 8 1 points Save The creative problem-solving technique called attribute analysis tries to force people to think divergently by requiring them to assign unusual attributes to objects that are not normally associated with them. TrueFalse Question 9 1 points Save For an invention to qualify to be patented, it must pass three tests of patentability. Which of the following is not one of the three tests? The invention must be useful The invention must have scientific roots The invention must be novel The invention must not be obvious Question 10 1 points Save If Ajax Enterprises hold a French patent for a technology, and no other patent, then John Jones of the USA: is infringing on the patent if he produces the technology in his Chicago factory is not legally able to sell the technology in the USA would not be able to export the technology to France legally without Ajaxs authorization would not be able to use the technology in the USA for his own purposes Question 11 1 points Save Intrapreneurship focuses on: making bureaucratic organizations function more entrepreneurially identifying individuals who will promote entrepreneurship on teams identifying profit targets that new ventures should strive to achieve helping individuals tap into their innate entrepreneurial powers Question 12 1 points Save Counterfeiting is concerned with: unauthorized use of copyrighted material unauthorized use of patented technology unauthorized use of trade marks unauthorized use of trade secrets Question 13 1 points Save Which of the following statements regarding creativity is true? Extraordinarily creative people tend to have exceptionally high IQs Creative people are both imaginative and rooted in reality Studies on determinants of creativity have found that personal suffering has been a necessary stimulant to creativity among most highly creative people Creative people tend to be kooky Question 14 1 points Save Well-established successful companies are generally more interested in supporting sustaining technologies than disruptive technologies. TrueFalse Question 15 1 points Save Which of the following questions reflects market risk concerns? At what point will breakeven occur? Do we have the capability to produce a desired technology? How should we price our new product? Are we prepared to deal with changing regulations? Question 16 1 points Save The Linux operating system has had an enormous impact on software development and maintenance. From the perspective of technological entrepreneurship and innovation, an especially interesting feature of the development of Linux is: it is rapidly replacing Microsoft as the principal provider of operating systems for personal computers its development was funded by venture capital companies that normally support pharmaceutical ventures it was developed almost entirely by employing newly emerging agile and iterative software development techniques it is an open sourced product Question 17 1 points Save All innovations are rooted in science. TrueFalse Question 18 1 points Save An example of a trademark that became generic is: iPod Cadillac Xerox Aspirin Question 19 1 points Save The common heritage of mankind argument holds that: all humans are biologically the same and we should not confuse cultural differences among people with biological differences knowledge belongs to everyone, and should not be treated as intellectual property all people are entitled to express their views all humans have origins in Africa Question 20 1 points Save Which of the following illustrates incremental innovation? Invention of the light bulb Establishing the world wide web Releasing Version 2.0 of the Windows operating system Invention of movable type by Guttenberg Question 21 1 points Save In the start up phase of the product life-cycle: profits are negative owners usually have pre-production contracts with potential buyers risk is lowest sales grow explosively Question 22 1 points Save Which of the following legal business forms is easiest to establish? Sole proprietorship General partnership Limited liability company Corporation Question 23 1 points Save According to Richard Foster, market leaders often become losers and are supplanted by a new generation of companies because: they do not invest enough money in R&D their marketing strategies become old hat and lose their impact new companies are willing to invest more in R&D than well-established companies they invest primarily in existing successful technologies that are near the end of their technology life-cycle Question 24 1 points Save Innovation________. is another word for invention applies solely to engineering advances requires patenting of products that are produced requires inventions to be employed practically Question 25 1 points Save You can publish a book titled The Godfather without violating copyright law. TrueFalse Question 26 1 points Save Creative destruction where major companies are overwhelmed by innovation is a natural consequence of capitalism. TrueFalse Question 27 1 points Save The primary goal of quality control charts is: to show graphically the rate at which production quality improves to anticipate changes in the cost of production to determine whether goods produced lie within the range of tolerable variation to document the number of products produced that conform to specifications Question 28 1 points Save Later stage financing of a burgeoning venture is often used for: designing new products establishing production capabilities developing a detailed business plan acquiring other companies in order to accelerate growth Question 29 1 points Save Piracy is concerned with: unauthorized use of copyrighted material unauthorized use of patented technology unauthorized use of trade marks unauthorized use of trade secrets Question 30 1 points Save Richard Fosters concept of the defenders paradox holds that: by defending their existing successful innovations, companies are actually developing a good offensive strategy companies that continue to invest heavily in their successful innovations find that at a certain point, the returns on their additional investment drop dramatically when companies find their products being challenged by new market entrants, their best strategy is to strengthen their weakest products in order to throw the attackers off guard when cornered, defenders can be stronger than their attackers Question 31 1 points Save Contrary to popular opinion, access to venture capital is not crucial to starting up a high tech business. Only one of the following high-impact ventures relied heavily on venture capital during its start-up stage. Which one? Apple Computer FireFox PayPal Flickr Question 32 1 points Save Gap analysis helps business planners: identify gaps between revenues and profits identify product gaps that can be filled by means of new product development determine which departments contribute to business operations effectively and which do not estimate the time between the conceiving a new product and actually delivering it Question 33 1 points Save Seed funding for new ventures most commonly comes from: venture capital investors commercial banks angel investors personal savings, family and friends Question 34 1 points Save Sometimes companies that produce less than stellar products win the innovation battle because of network externalities. With network externalities: companies that possess strong network externalities win the competition because they have superior sales capabilities companies that possess strong network externalities win the competition because they have superior production capabilities companies that possess strong network externalities win the competition because they are able to tap into a an old boy network, where important luminaries in the industry support their products companies that possess strong network externalities win the competition because they have a network of sales channels and support capabilities that make their products more attractive Question 35 1 points Save Open sourcing is forcing us to rethink the meaning and rationale of intellectual property. TrueFalse Question 36 1 points Save What inventions did Edisons originally-patented light bulb incorporate? Improved vacuum process and carbonized filament Response a above, plus platinum lead-in wires Response b above, plus method for securing filament in place Response c above, plus method to integrate components in a glass bulb Question 37 1 points Save In his studies of highly creative people, Mihaly Czikszentmihalyi found for highly creative people to have an impact, it is not enough for them to be gifted. For creativity to take root and thrive, there must also be a well-defined domain of knowledge and ____. underlying process of creative destruction a high need-to-achieve (n-ACH) field of accomplishment need for affiliation (n-AFF) Question 38 1 points Save Flickr and CraigsList are examples of accidental ventures they did not start out with a view of producing the products that ultimately made them big. TrueFalse Question 39 1 points Save An important characteristic of inventions is that they have practical applications. TrueFalse Question 40 1 points Save A significant consequence to technological innovation and entrepreneurship arising from the financial meltdown of 2008 is: intellectual property protection decreased investment capital dried up support for entrepreneurship education decreased the currency exchange rates for all countries decreased Question 41 1 points Save Creative thinking techniques try to strengthen convergent thinking. TrueFalse Question 42 1 points Save Inventions and innovations are basically the same thing. TrueFalse Question 43 1 points Save If you pay a contractor to write an article titled The Evolution of the Domestic Dog, the contractor owns the copyright since he/she produced it, unless he/she enters into an agreement to transfer ownership to you ownership has not been determined, so it is necessary to enter into an agreement defining ownership rights the contractor owns the copyright, but you have free access to the copyrighted material and can use it at will you own the copyright because it is a work for hire, unless you enter into an agreement with the contractor to transfer ownership to him/her Question 44 1 points Save Which of the following products established a dominant design for a product line? Sanyos most advanced flat-panel television monitor Compaqs transportable computer, based on the IBM PC design The internal combustion engine automobile that ran on gasoline The electric pencil sharpener Question 45 1 points Save Which of the following is a purely scientific discipline? Electronics Physics Chemical engineering Astrology Question 46 1 points Save With business process reengineering (BPR): companies should seek dramatic changes in their business processes companies should seek gradual changes in their business processes companies are basically changing their organizational charts companies must be careful not disrupt established business operations Question 47 1 points Save When thinking about the traits of entrepreneurs, the prevailing feeling among experts is that great entrepreneurs are born, not made. TrueFalse Question 48 1 points Save Clayton Christensens book, the Innovators Dilemma, is one of the most important management books written in the past twenty years. In it, Christensen maintains that: companies can go out of business by adhering closely to their important customers demands the surest way to lose business is to contradict the customer the customer is always right it is not necessary to be innovative, because companies can copy the innovative efforts of other companies without going through the hassle and expense of conducting original R&D strictly speaking, there are no true innovations, because there is nothing new under the sun. Question 49 1 points Save The dream of most venture capitalists is to have the companies they invest in go public through an IPO. TrueFalse Question 50 1 points Save Which of the following schools of entrepreneurship would most likely support the view that studying for the MBA is helpful (though not absolutely necessary) to promote entrepreneurship? Psychological school of entrepreneurship Classical school of entrepreneurship Managerial school of entrepreneurship Great person school of entrepreneurship Question 51 1 points Save A review of the history of business confirms that if you build a better mousetrap, the world will beat a path to your door. TrueFalse Question 52 1 points Save At the time the electric light bulb was invented by Edison, a major challenge he faced in selling them was: fighting a lawsuit by Westinghouse Corporation, claiming his light bulb patent infringed one they held dealing with competition from overseas handling claims by his partners that they were entitled to half the profits derived from light bulb sales the absence of electric power distribution systems in American communities Question 53 1 points Save Lets say a four-legged chair is patented by Susan. John can add a fifth leg to the chair and get a patent on it. TrueFalse Question 54 1 points Save Schumpeters concept of creative destruction holds that: when entrepreneurs take over a business, they should strive to dismantle the way the business used to be run and implement new innovation-friendly processes a natural feature of capitalism is that established businesses cannot keep up with economic changes and entrepreneurial forces drive them out of business creative managers need to reinvent themselves constantly creative processes in the arts, sciences, and social systems entail rethinking how things should work Question 55 1 points Save According to William Abernathys perspective on corporate innovation, for a company to break the stranglehold of doing business the same old way, it should: focus R&D efforts on improving its existing products in order to make them more attractive in the market strive to strengthen the processes it employs to produce its products increase its R&D budget strive for de-maturation Question 56 1 points Save When looking at the histories of successful real world ventures, we come across cases where a successful venture was spun off from a larger technical effort. Examples include: CraigsList Firefox and Alexa Internet PayPal and Flickr Apple Computer Question 57 1 points Save Which of the following situations characterizes a high level of transilience? Working with an innovation that has major impact on how the organization approaches production in an environment of stable markets Working with an innovation that has major impact on how the organization approaches production and addresses changing markets Moving quickly from R&D efforts to production efforts Moving quickly from R&D and production into the market introduction of a new product Question 58 1 points Save Which of the following questions reflects financial risk concerns? At what point will breakeven occur? Do we have the capability to produce a desired technology? How should we price our new product? Are we prepared to deal with changing regulations? Question 59 1 points Save Although they apply their knowledge to different areas, scientists and engineers basically have the same backgrounds and share the same values. TrueFalse Question 60 1 points Save New high tech ventures come in many shapes and sizes. There are not many generalizations that can be made about them because there are so many routes entrepreneurs and technologies can follow. One exception is: they usually are funded by venture capital they usually emerge from university initiatives they often entail collaboration between a technical champion and a business champion they are usually based on carefully devised plans Question 61 1 points Save Process innovation can contribute directly to a companys profits by: reducing production costs identifying market niches that have not yet been exploited employing state-of-the-art equipment establishing the foundation for effective marketing and sales Question 62 1 points Save An innovation is approaching the end of its technology life when: it is at the top portion of its S-curve it is at the middle portion of its S-curve it is at the bottom portion of its S-curve when its S-curve shifts downward Question 63 1 points Save Which of the following is not a feature of a LLC? Company income is treated as personal income for tax purposes Outside investors can assume ownership shares of the company The company experiences limited liability protection The company must register with the Security Exchange Commission Question 64 1 points Save With basic science: scientists pursue their research effort without concern for practical results scientists must justify their research budgets by demonstrating how the research can yield practical results scientists must establish and test hypotheses scientists doing the research must have doctoral degrees Question 65 1 points Save As a product enters the maturity phase of its product life-cycle, one way to extend its life is to engage in incremental innovation. TrueFalse Question 66 1 points Save In the maturity phase of the product life-cycle, revenues continue to grow. TrueFalse Question 67 1 points Save Good science requires that members of the scientific community continually question the outcomes of scientific research efforts no effort is so worthy that it cannot be challenged. Which of Robert Mertons norms of science captures this principle? Communalism Universalism Disinterestedness Organized skepticism Question 68 1 points Save In order to maintain control over your copyrighted material, you need to put a copyright notice mark (e.g., 2012 Jones Corp.) onto works you write and publish. TrueFalse Question 69 1 points Save According to William Abernathys innovation life-cycle, during which stage is product innovation most prominent? Early stage Transition stage Maturity stage Post-maturity stage Question 70 1 points Save Which of the following items is not a standard characteristic of a disruptive technology? It is generally viewed as a second-rate technology when compared to leading technologies Because it is lower tech than prevailing technologies, companies that invest in it find that their technology portfolio has been weakened It tends to have lower profit margins than leading technologies It is risky, because it is largely untried