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Glossary


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    Business

    Any corporation, partnership, sole proprietorship, firm, franchise, association, organization, holding company, joint stock company, receivership, Business, or real estate trust, or any other legal entity organized for profit.

    Business angel

    An affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity.

    Business accelerator

    Is an intensive (usually 3 months), business program which includes mentorship, educational components, networking and aims at growing business rapidly, ending in a demo-day. Usually an entrepreneur moves into a shared office space with other new founders for a period of time to work under the tutelage of advisors and experts to grow their business rapidly. In exchange for the expert mentoring, exposure to investors/future capital and cash investment that entrepreneurs get from the accelerator, the entrepreneur gives a portion of his or her company’s equity to the partners of the program and for this reason is often called a “seed” or “venture” accelerator.

    Business Incubator

    An organization designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services that can include physical space, capital, coaching, common services, and networking. Although Accelerators and Incubators are usually confounded, they do have some differences. An incubator begins with companies that may be earlier in the business development process and they do not operate on a set schedule. For example, if an accelerator is a greenhouse for young plants to get the optimal conditions to grow, an incubator matches quality seeds with the best soil for sprouting and growth.

    Business Venture

    Start-up entity developed with the intent of profiting financially. A business venture may also be considered a small business. Many ventures will be invested in by one or more individuals or groups with the expectation of the business bringing in a financial gain for all backers. Most business ventures are created based on demand of the market or a lack of supply in the market. Needs of consumers are identified for a product or a service and the entrepreneur and investors will proceed to develop the idea, market the idea, and sell the product or service developed.

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    Copyright

    Legal right created by the Law of a country that grants the creator of an original work exclusive rights for its use and distribution. The difference between copyrights and patents is the type of creation they protect.

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    End-user

    Is a person who ultimately uses or is intended to ultimately use a product. In other words, the person for whom something was ultimately created or intended.

    Entrepreneur

    A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.

    Entrepreneurship

    The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

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    Health

    Covers the different areas of medicine, pharmaceutical, cosmetics, devices, medical and hospital instrumentation and other activities of the expanded value chain, from the biology of the species to products with high added value.

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    Informed Consent

    Is a process for getting permission before conducting a healthcare intervention on a person. A health care provider may ask a patient to consent to receive therapy before providing it, or a clinical researcher may ask a research participant before enrolling that person into a clinical trial. Informed consent is collected according to guidelines from the fields of medical ethics and research ethics.

    Innovation

    Implementation of a new product or a significantly improved product, a process, a new marketing method, or a new organizational method in business practices, workplace organization or external relations.

    Intellectual Property Office 

    Organism that focuses on: (i) the assignment and protection of industrial property rights, internally and externally, in collaboration with international organizations; (ii) spread of patented technical and scientific information and (iii) promotion of the use of the Industrial Property System, aimed at strengthening the innovative and competitive capacity of a country, fair competition and the fight against counterfeiting.

    Intellectual Property (IP)

    Refers to creations of the mind, such as inventions; literary and artistic works; designs; brands and symbols, names and images used in commerce. IP is protected in Law by, for example, patents, copyright, brands and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.

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    Licencing

    Agreement which refers to a written agreement entered into by the contractual owner of a property or activity giving permission to another to use that property or engage in an activity in relation to that property. 

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    Master Business of Administration (MBA)

    Graduate degree at a University or College, which provides theoretical and practical training to help graduates gain a better understanding of general business management functions. The MBA degree can have a specific focus, such as accounting, finance or marketing.

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    Open innovation

    Term used for industries and organizations that promote ideas, thoughts, processes and open research, with the aim of improving the development of its products, provide better services to their customers, increase efficiency and enhance value. Its creator, Henry Chesbrough states that open innovation is a paradigm that assumes that organizations can and should use external and internal ideas, and internal and external paths to market.

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    Patent

    Government authority or licence conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention. The difference between copyrights and patents is the type of creation they protect.

    Pitch 

    Is a line of talk designed to persuade someone to initiate and close a sale of the product or service, making use of a planned sales presentation strategy of a product or service designed. A pitch is essentially designed to be either an introduction of a product or service to an audience who knows little about it, or a descriptive expansion of a product or service that an audience has already expressed interest in. 

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    Research and Development (R&D)  

    General term for research activities in connection with corporate or governmental funding. R&D is complementary to Innovation and is situated upstream in the Innovation lifecycle.

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    Shareholder

    Any person, company or other institution that owns at least one share in a company. A shareholder may also be referred to as a "stockholder".

    Stakeholder

    A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.

    Standard Operation Procedure (SOP)

    Is a set of step-by-step instructions created by a business to help workers carry out routine operations. Their purpose is to achieve efficiency, quality output and uniformity of performance, while reducing miscommunication and failure to comply to industry regulations. In the context of Health and regulatory issues, a Standard Operating Procedure is a document which describes the regularly recurring operations relevant to the quality of an investigation. A SOP is a compulsory instruction and the its purpose is to carry out the operations correctly and always in the same manner. A SOP is an important aspect of a quality system and is crucial for quality management and assurance.

    Start-up

    Is an entrepreneurial venture typically describing a newly emerged, fast-growing business. The definition of a start-up usually refers to a company, a partnership or an organization designed to rapidly develop scalable business model. Often, start-up companies deploy advanced technologies, such as Internet, communication, robotics, etc. These companies are generally involved in the design and implementation of the innovative processes of the development, validation and research for target markets.

    Spin-off

    Is the creation of an independent company through the sale or distribution of new shares of an existing business or division of a parent company. 

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    Technology

    Any methodology, information, software, compound, drug, device, diagnostic, medical or surgical procedure, or composition of matter intended for public use or research. 

    Technology Readiness Level (TRL)

    Is a method of estimating technology maturity of Critical Technology Elements (CTE) of a program during the acquisition process. They are determined during a Technology Readiness Assessment (TRA) that examines program concepts, technology requirements, and demonstrated technology capabilities. TRL are based on a scale from 1 to 9, with 9 being the most mature technology. Additional info.

    Technology Transfer (TT)

    Is the process of bringing knowledge and technologies to the marketplace and is accomplished through the protection and licensing the intellectual property (IP), often resulting from the collaboration between the academic sector and companies. The overall objective is to maximize transfer of technology, ideas and expertise into businesses and thus drive innovation and benefit the economy.

    Trademark

    Is a word, name, symbol or device which is used in trade with goods to indicate the source of the goods and to distinguish them from the goods of others.

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    Valley of death

    Is a term typically used by innovators or investors to describe the pathway between a discovery generated from basic research towards a commercial product. It is considered to be a long process and, according to some, currently with significant roadblocks.

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