innovation

Definition

The introduction of something new—a fresh idea, process, or product that differs from the status quo. The corporate world's favorite word to slap on anything that isn't from 1987.

Example Usage

The company's latest innovation combines AI with customer service, reducing response times by 70%.

Source: Merriam-Webster via Free Dictionary API

Related Terms

Beginner

graybeard

An experienced entrepreneur or advisor, typically older, who's seen multiple technology cycles and startup failures. They provide wisdom, pattern recognition, and constant reminders that everything has been tried before.

🚀 Startup / VC

Advanced

preferred return

The minimum annual return (typically 8%) that limited partners receive before general partners can claim carried interest, functioning as a hurdle rate to ensure LPs get paid first. Think of it as making the GP eat their vegetables before getting dessert.

🚀 Startup / VC

Beginner

NPS

Net Promoter Score—a survey asking customers how likely they are to recommend you (0-10). Mostly used to confirm whatever founders already believe about customer satisfaction.

🚀 Startup / VC

Advanced

qualifying transaction

A financing or exit event that triggers specific contractual provisions in a term sheet, such as conversion of convertible notes or acceleration of vesting. The legal trip-wire that determines when various startup agreements activate.

🚀 Startup / VC

Advanced

loss ratio

The percentage of a VC fund's investments that return zero, typically 50-70% despite everyone's confident pitches. The number partners don't mention at LP meetings unless forced.

🚀 Startup / VC

Intermediate

optionality

Keeping multiple strategic paths open while committing to none, often praised as strategic flexibility or criticized as inability to make decisions. The business equivalent of dating multiple people because you're 'keeping your options open.'

🚀 Startup / VC

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