Below you will find a brief explanation of the most commonly used – and often quite complex – words in our universe, the innovation system. If you have more suggestions, please get in touch via firstname.lastname@example.org.
Business angel or angel investor (wikipedia)
A private person who invests capital in start-up companies as a form of venture capital. The focus is on the early stages of the business. Angel investors are often successful entrepreneurs themselves, and can share their experience and knowledge in addition to investing capital.
Business incubator (wikipedia)
An incubator is a creative environment that benefits startup companies. The company applies for a place at the incubator, which assesses if the company has a credible product, a market and a future. If the company is accepted it receives all kinds of help and support from the incubator – access to financial, technological and business networks, business advice and office services. The incubator also sets milestones that the companies must meet. The place and the process is time-limited, after which the company is deemed ready to go it alone.
An innovation is a new, promising or functioning, idea – a product, solution, business idea, service, technology etc. An innovation is the result of an innovation process. The innovation process is the process that starts with an idea and ends with an innovation. Modern innovation studies assume that the process is interactive, that most innovations occur through learning processes where a number of players, individuals and organisations are involved in various ways. The innovation system is the combination of players, links between these, driving forces and rules that affect the ability to create innovations.
Spin out (wikipedia)
When a subsidiary or branch of activitiy of a company is ”spun off” to an independent company. It can be a large company that chooses to move some of its activities to a separate company, or university students and/or researchers starting new businesses around business ideas or inventions. The new company often brings assets, patents, technology and/or existing products from the parent company as part of the spin out. The parent company can also provide support in the form of venture capital, services, incubator space or by becoming the new company’s first customer.
A startup company is a newly started company that is in a first development phase and seeking its market.
Venture capital (wikipedia)
Venture capital is any contribution of money to a company that is not a loan. In Sweden, the word has become a general umbrella term for private equity, investments that are made outside the stock market. The term is used for investments with active owner involvement, in unlisted companies.