Innovation Glossary

This glossary will help develop a shared understanding of key concepts, tools, and frameworks we'll be using throughout the accelerator.

This page will grow with you throughout the journey, so check back regularly for updated terminology.

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Failing fast is about quickly testing ideas, prototypes, or strategies to see what works—and more importantly, what doesn’t. The goal is to identify failure early, before investing too much time, money, or energy.
Key Principles:

Rapid experimentation: Try small-scale versions of your idea.
Early feedback: Get input from users or stakeholders ASAP.
Low-cost learning: Minimize risk by failing in controlled environments.

Failing fast isn’t about being reckless—it’s about being smart and efficient with your learning.

Failing forward means using failure as a stepping stone to progress. Instead of being discouraged by setbacks, you extract lessons and apply them to improve your next attempt.

Key Principles:

Growth mindset: View failure as a learning opportunity.
Resilience: Bounce back stronger and wiser.
Iteration: Refine your approach based on what didn’t work.

Failing forward turns mistakes into momentum.

The assessment of whether a proposed solution is practical, sustainable, and achievable within given constraints.

The creative process of generating, developing, and communicating new ideas.

The first real-world deployment of a solutions, often in a limited or pilot setting.

An innovation is:

Applied: It takes a novel idea and puts it into practice.
Improved or transformative: It changes how something is done, making it better, faster, more inclusive, or more effective.
Validated: It often shows results, adoption, or measurable impact.

Innovation is the realization of a novel idea that creates value.

Example: Developing and launching a train-the-trainer platform that successfully increases facilitator capacity across six regions—that’s innovation.

A novel idea is:

New or original: It hasn’t been thought of or widely known before.
Conceptual: It’s often an early-stage thought, proposal, or insight.
Untested: It may not yet have practical application or proof of effectiveness.

Think of it as a spark—a fresh perspective or creative solution that could lead to something impactful.

Not all novel ideas can become innovations.

Example: Proposing a culturally responsive e-learning module format tailored to rural communities is a novel idea if it hasn’t been done before.

A preliminary version of a solution used to demonstrate its viability and potential value.

A stage where the solution has demonstrated success and is prepared for broader adoption or replication.

A solution that has been tested with stakeholders and refined based on feedback and evidence.

The process of developing and implementing new ideas, models, or systems that improve capitalization strategies and outcomes for CDFIs.

A shared tool or system that, once built, can be used by many CDFIs without each one recreating the infrastructure.

An approach or solution that individual CDFIs can copy or adapt within their own operations.

A layered structure of funding sources in a CDFI innovation, emphasizing non-traditional approaches.

An organization's ability to execute and scale innovation, measured through self-assessments and engagement.

The adaptability of a solution across contexts and organizations, not just growth in size.

The process of mapping influence, managing resistance, and sustaining involvement.

Innovation Glossary

Innovation Lifecycle Terms

Fail Fast

Fail Forward

Feasibility

Ideation

Initial Implementation

Innovation

Novel Idea

Proof of Concept

Ready to Scale

Validated Concept

Core Concepts

Innovation

Adoptable Solution

Replicable Solution

Innovation Strategy Terms

Capital Stack

Innovation Capacity

Scalability

Stakeholder Engagement