Technological Innovation: What it is and What is meant by Technological Innovation

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You may have read the expression technological innovation and associate it directly with the change in new technologies placed on the market. Well, the reasoning is not wrong, but it minimizes a much more complex process made up of researches, experiments and projects that involve a real chain of individuals specialized and competent in different sectors and that with their research.

Their progress, whatever the sector of competence influence the economic and financial market, which reflects the progress of science on the basis of direct and indirect monetary flows that arise from technological innovation.

In order to allow the reader to better understand the subject matter, a guide will follow which explains first of all what is meant by technological innovation, how it works and which and in what way are the sectors concerned.

“WHAT IS TECHNOLOGICAL INNOVATION”: MEANING AND REFLECTIONS

Technological innovation is the evolution over time due to the expansion of technical and scientific knowledge of the process of creating certain products, services and technologies, aimed at their improvement and speeding up.

In other words, to make it easier for you, technological innovation concerns the improvement of existing technologies or procedural phenomena and in some cases their overcoming.

Thanks to the birth of new technologies that replace those that now belong to a previously unprofitable technology and obsolete for the times.

TECHNOLOGICAL INNOVATION: HOW IT WORKS

Technological innovation you must know is expressed in various interdependent forms, by the way we talk about:

“incremental” innovation occurs when technological innovation affects the product, service or production process by making improvements in terms of costs and quality (for example, updates to operational programs);

“radical” innovation occurs when technological innovation changes the procedural phase or modifies the product or service with a new and better one (for example the internet). Incremental innovation is a prerequisite for this phase.

Technological innovation is the result of a work that involves different professionals, at the base there must be a scientific discovery that leads, then, to innovation and diffusion, once the new techniques have been experimented and their validity ascertained, on a large scale.

The researcher or scientist identifies new truths, such theories, practical tests are projected in the private or public industry and used for production purposes for the implementation of new products or services.

The designer creates the image and the sales department offers the new technology to the market.

Now for technological innovation to be successful it must be appreciated and sold on the market not only by the final consumer but also by the entrepreneurs themselves who make use of the new technology.

TECHNOLOGICAL INNOVATION: AREAS OF USE AND STUDY

History teaches you how technological innovation has followed the economic development of the country and changed the lives of the subjects, employees and families of these large industrial chains, which since the Industrial Revolution have given rise to mass production. the economy in general and brought about a profound change in society.

The growth of the economy has always been linked to technological innovation.

Small and large private entrepreneurs and public bodies from different fields and sectors have always financed research and sought innovation to improve the economy and their business, but also to identify better solutions for the production of products from drugs to equipment to services as satisfactory as possible to the needs of the final consumer. It is no coincidence that innovation can concern the process of forming a product or service or directly affect them.


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