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Test Bank for Innovation Strategy and Tech. Change 5th Edition by James D. McKeen
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Test Bank for Innovation Strategy andTech. Change 5th Edition by James D.
McKeen
Technology
the application of tools, materials, processes, and techniques to human activity
Technology is interrelated
Based on prior innovations in other technologies
Innovation
the process of using knowledge to solve a problem
Invention
the discovery of a new idea
Schumpeter about inventions
as long as they are not carried into practice, inventions are economically irrelevant.
Ex. Process of using knowledge to solve a problem, initially innovated by the US. military
Gore-tex
Ex. Marketing innovation - new sales approach
Amazon 1-click buy
Increased revenue
Ex. Business model innovation
Dell Computers
Customized the computers, produced by orders
, Technological innovation in firms
Generate competitive advantages
Product costs reduce and quality improves
Trends of product differentiations
Why do technological innovation matter?
- More efficient production
• Meet unsatisfied needs
• Responsible for much of economic growth
• Firm creation and destruction
• Wealth distribution
• Alters life quality
Network effect
describes how products in a network increase in value to users as the number of users
increases. Ex. Xbox
Who performs R&D?
- Federal government
- Business sectors, mainly (today)
- Universities
- Non-profit
Creative destruction
the dismantling of long-standing practices in order to make way for innovation and is seen as a
driving force of capitalism.
Who is the avarage founders?
42 years old
Higher successful rate when the founder is older
Technological strategy
the approach that a firm takes to obtaining and using technology to achieve a new competitive
advantage or to defend an existing technological competitive advantage against erosion.
Nature of technological evolution
1. Basic scientific discoveries
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