Building a Culture of Innovation and Entrepreneurship (VCE SSCE Business Management): Flashcards

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Building a Culture of Innovation and Entrepreneurship
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Innovation definition

Improvement/invention enhancing business w/ new products/services

Entrepreneurship definition

Planning, designing, launching & running business for profit

Corporate culture definition

Values, beliefs & attitudes of people in a business

R&D return per $1 invested

$3.50 in economy-wide benefits

R&D average annual return %

10% per year

Council grants definition

Funds from councils to encourage new business & employment

STEM jobs growth rate by May 2024

11.6% (vs 7.5% for other jobs)

Business hub definition

Shared office space for work, meetings & networking

$20 Boss Program startup capital

$20 given to students for 1-month business challenge

Singapore annual innovation investment

$5 billion per year

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