Innovation 1
Innovation 1
• Impact on Society
The internet and the web have had a profound impact on society, transforming
the way we interact with each other, work, and consume information. They have
enabled the rise of social media and online communities, as well as remote work
and e-commerce. They have also raised new challenges, such as cybercrime and
online privacy.
• The Rise of Social Media
• Social media has revolutionized the way we interact with each other and
consume information. It has become an integral part of our daily lives and
has had a profound impact on technology.
• Social media platforms have created new opportunities for businesses to
reach their target audience and engage with customers.
• The rise of social media has led to the development of new technologies and
features such as live streaming, augmented reality filters, and more.
• Social media has also had a significant impact on the way we consume news
and information, with many people turning to social media platforms as
their primary source of news.
• The Future of Technology
• As technology continues to evolve at a rapid pace, it's important to look to the future and
examine what the future of technology may hold. Here are some potential advancements
that we may see in the coming years:
• Artificial Intelligence (AI) will become more advanced and integrated into our daily lives,
potentially leading to more efficient and personalized experiences in various industries
such as healthcare and finance.
• Augmented Reality (AR) and Virtual Reality (VR) will continue to improve, allowing for
more immersive experiences in fields such as gaming, education, and even tourism.
• 5G networks will become more widespread, leading to faster and more reliable internet
connections and enabling new technologies such as self-driving cars and smart cities.
• Quantum computing will become more accessible, potentially revolutionizing industries
such as cybersecurity and drug discovery.
Technology Adoption and Diffusion
• Technology adoption is the successful integration of new technology
into your business. Adoption means more than just using technology.
When you’ve adopted new technology, you’ll use it to its fullest
potential and see the benefits of using the new system.
• For example, if a company wants a new way to track projects, it might
consider purchasing a new project management system. One or two
departments start using the new system. Each department uses it
differently, while other departments continue relying on spreadsheets
and other ad hoc systems. In this case, the company is using the
software, but they haven’t adopted it.
• What is Technology Adoption Life Cycle?
• The Technology Adoption Lifecycle (or the Technology Adoption
Curve) is a sociological model that describes the adoption or
acceptance of a new innovation by certain defined adopter groups –
Innovators, early adopters, early majority, late majority, and laggards.
It places people within any society into one of five different adopter
groups based on how early or how quickly they adopt an innovation.
• What are the technology adoption lifecycle stages?
The technology adoption life cycle consists of 5 stages. These stages are also called adopter
groups.
1. Innovators
• The innovators are a small but important group of people because they’re the first to learn
about and adopt new innovations. They are risk-taking, venturesome, and interested in new
ideas. Innovators are financially equipped to try out new innovations and introduce these
innovations to the larger population by sharing their experiences with their friends and
communities. Innovators represent approximately 2.5% of the total population.
2. Early Adopters
• The early adopters are also a forward-thinking group and are considered the opinion leaders.
They have substantial respect within a community and their endorsement helps in “crossing the
chasm” which is the leap from being a new, little-known product to being well-known and
adopted on a large scale. They represent the next 10 to 15% of the total population to adopt an
innovation or idea.
3. Early Majority
• Although the early majority adopt new innovations or ideas before the average person, they do
so only after careful consideration. They observe other people’s experiences with the product
and will only adopt it once they are convinced it has real benefits. They represent approximately
one-third of the total population.
• 4. Late Majority
• These individuals adopt new ideas shortly after the average person. They want
innovations to be widely used and tested before trying them. They are more
resistant to change and adopt only out of necessity or social pressure. The late
majority represents about one-third of the total population. About two-thirds of
people in a population fall into either the early or late majority groups.
• 5. Laggards
• Finally, the last group of people to adopt a new product are called the laggards.
They are the traditionalists of the population and tend to be suspicious of new
changes. They are grounded in the past and are highly resistant to change. Laggards
wait until innovation is completely mainstream before they adopt it and in some
cases they never do. They make up approximately 16% of the total population.
How Technology Adoption Works
Technology adoption isn’t a once and done task. It’s an ongoing process with
several phases:
• Selection – Before you adopt new technology, you’ll need to select what
technology you want. This phase should include a needs analysis so you can best
identify which technology best solves your business problems.
• Planning – Once you’ve selected your technology, you’ll need to make a plan for
how to implement it. Review your infrastructure, staff, and processes and see
how they’ll need to change as you adopt the new technology.
• Communicating – Communication is one of the most critical aspects of change
management. This is more of an ongoing need than a phase, but it’s essential at
the beginning of a project. Start communicating frequently as you start the
adoption process, so people are informed and prepared for the change.
• Training – You’ll also need to train people on how to use the new technology. You should
plan for how to train before launch and how you’ll continue training people in the post-
implementation phase.
• Testing and Deployment – When you’re ready to start rolling out your new technology, you
can start with a smaller group or department. This beta group can test the technology,
processes, and training. You can use what you learn from this group to make changes before
rolling out to the entire organization.
• Expansion – Once you’ve tested your new technology, you can begin rolling it out
companywide.
• Monitoring – You’ll want to make sure you monitor your progress and use the right tracking
tools to track the right technology adoption metrics to quickly identify issues. Once you
identify problems, you can start the process over again by planning for how to solve the
challenge and then going through the remaining steps to implement the changes.
Technology diffusion
• Technology diffusion is the process by which new technologies are
adopted for use across individual firms or households in a given
market, and across different markets. The most salient facts about
this process are that it always plays out over time, and the time
before adoption is widespread varies greatly across technologies.
• Technology diffuses through four channels: invention, innovation, imitation, and
importation.
1. Invention
• The invention is the first step of technology diffusion. It is a process in which the
Technology itself is created. The invention can come from an individual or a group of
people. It can be something completely new or an improvement on existing technology.
Once the invention occurs, it needs to be patented to protect its intellectual property.
Later, the invention will go through a process called innovation where it’s improved and
made ready for use by society.
2. Innovation
• The next step in Technology diffusion is the innovation process. It involves taking an
invention and making it practical for use. The inventor will make improvements to their
product so that it’s ready for society.
• 3. Imitation
• The next step in technology diffusion is imitation. Imitation is when other countries see how well
the new technology is doing in the country that invented it and they want to start using it too. In
some cases, this can lead to healthy competition between countries as each tries to outdo the
other with their new technology. However, it can also lead to a ” Technology Race “, where
countries are trying to get their hands on new technology before anyone else does, even if they
don’t need it. This can be harmful to a country’s economic development because they’re wasting
resources on something that might not help them in the long run.
• 4. Importation
• The fourth and final step of technology diffusion is importation. Importation is when a country
takes the technology from another country and uses it within its borders. This can be helpful for
countries that aren’t as technologically advanced as others because they can import the latest
technologies and use them to improve their economy. However, there is also a downside to this –
if a country imports too many technologies, it can become overwhelmed and struggle to keep up
with all the changes.
Technology Diffusion Practices
1. Technology Transfer
2. Technology Licensing
3. Organizational Transfer (Organizational transfer occurs when one company decides it wants to
shift its entire research and development (R&D) department over to another firm – this allows
both companies involved in the transaction to benefit from collaboration.)
4. International Technology Agreements
5. Technology Embargoes
• Another practice, when countries stop trading with another country for political or economic
reasons and prevent the spread of that technology across borders. This can be very harmful to
a country’s economy because it limits its access to new technologies and can make it harder for
them to compete with other countries. Technology Embargoes usually happen when a country
feels threatened and doesn’t want to lose its economic or political power – this creates tension
between the two states involved in the embargo which then impacts everyone else as well.
Source of Innovation
Sources of Innovation
• 🌅 #Radical innovation – this occurs when an organisation targets new markets with new
technologies. It is characterised by a high level of technological advancement, and a high market
impact. Radical innovation completely replaces an existing offering, and is the rarest type of
innovation we see. This is because they are so significantly different from what we are used to,
that they often face the most resistance (and require the longest amount of time before they are
ready for market). Examples of radical innovation could include the introduction and use of x-
rays, or the use of genome sequencing, and once such a radical innovation makes it to market, it
often has implications for multiple sectors and geographies.
Here are key components of
capturing value from innovation:
• Monetization: Converting innovative concepts into revenue streams is a
fundamental aspect of capturing value. This can involve bringing new products or
services to market, licensing intellectual property, or forming strategic
partnerships that generate financial returns.
• Intellectual Property Protection: Safeguarding innovations through mechanisms
such as patents, trademarks, copyrights, and trade secrets is crucial. This
protection ensures that the innovator or organization has exclusive rights to use,
sell, or license their creations, providing a competitive edge.
• Market Positioning: Successful innovation allows companies to differentiate
themselves in the market. Capturing value involves effectively positioning and
marketing innovative products or services to attract customers and gain a
competitive advantage.
• Operational Efficiency: Innovation can enhance internal processes and operations, leading
to increased efficiency and cost savings. Capturing value in this context involves improving
workflows, reducing waste, and optimizing resource utilization.
• Strategic Partnerships and Collaborations: Forming partnerships with other
organizations, research institutions, or startups can amplify the impact of innovation.
Capturing value through collaboration enables access to complementary resources, expertise,
and markets.
• Customer Value: Meeting the needs and preferences of customers through innovative
solutions creates value for both the customers and the innovators. Understanding customer
demands and delivering products or services that address those demands is a critical aspect
of capturing value.
• Continuous Improvement: Capturing value is an ongoing process that involves learning
from successes and failures. Organizations must adapt and evolve their strategies based on
market feedback, technological advancements, and changes in customer preferences.
• Competitive Advantage in High Tech Industries; Technical Standards;
Strategy in Networked Industries
Competitive Advantage in High Tech
Industries
• Unit 4 Formulating Technology Strategy
Collaboration Strategies; Strategic Human Resource Management of
Technical Professionals; Organization Structure for Technology Strategy
What is a Collaboration
Strategy?
• A collaboration strategy is a proper system through which
an organization structures the way a team will work. It is basically
the approach business takes toward teamwork.
• This includes concrete guidelines which dictate aspects like the
interaction between team members, regular feedback, building
fraternity, and ensuring a smooth workflow.
• A collaboration strategy is a reflection of the way a company
strategizes to make the members of a team work together as one to
reach a goal and complete a task.
Benefits of Creating a
Collaboration Strategy
• 1. Increases Employee Engagement
• The very concept of a team and collaboration increases the work
engagement of an employee. This means, more conversations around
the task, how to do it better, and how to make the workflow simpler.
• It not only creates a good environment around the working team
members but also motivates the new people joining the team who
feel the responsibility of matching their peers concerning the work.
• And with an increase in engagement, there is also an improvement in
personal performance as well as a commitment to the project. This
results in efficiency and productivity.
• 2. Positive Attitude Towards Work
• Through good collaboration, there is a feeling of camaraderie and
companionship among the employees. With this feeling, there will be
a significant rise in job satisfaction and a general improvement in the
attitude of the employees towards the work and organization.
• This makes them more dedicated and loyal which is always a good
sign for a company. Energized workers working together with purpose
is a dream of many organizations which can be turned into reality
through an effective collaboration strategy.
• 3. Improves Problem Solving
• Collaboration means that different team members of different skills,
varying experiences, and intelligence work together.
• When a diverse group of people works together, and when there is an
effective collaboration strategy guiding them, cracking problems, from
easy to challenging, is a walk in the park. This is because of all the
different perspectives and ideas that various team members bring to the
table.
• A proper system to manage and filter these ideas and solutions can
solve any problem that a team may face. And this system is a part of a
good collaboration strategy.
How To Build an Effective Collaboration
Strategy? (Process)
• Organizations have several options to increase their competitiveness: they can strive
for price leadership or develop a strategy of differentiation. In both cases, innovation
is essential.
• Companies that choose price leadership must secure their long-term
competitiveness by developing innovative, highly efficient processes. Process
optimization and continuous improvement in terms of costs are important for them.
• Companies that strive for a differentiation strategy need innovation to develop
unique distinguishing features to their competitors.
• Many start-ups launch their activities by developing an innovative product or service.
• Continuous innovation is, therefore, crucial for all companies. The main difference is
in the focus of the innovation strategy, which varies considerably from company to
company.
Unit 6 Technology
• Indigenous knowledge, technology and initiatives, Appropriate
technology, Innovation and technology adoption in Nepal, Challenges
and opportunity, Scale of enterprises and technology adoption
Knowledge is a process of social construction of ideas about the external world
that guide human action.
• External world: is what is outside the individual and social heads
• Ideas: are in the “heads” of individuals and in social “heads”
• Guide to human action: although the essence of knowledge is ideas in “heads,” it
has a practical character that involves group efforts of cooperation
Knowledge is:
• Process: because it can never be completed nor is it final
• Social construction: is based in the social perception of reality, encoded in
cultural categories communicated in a language shared by a group of people, and
reproduced by knowers or an ‘epistemic’ community.
What is Knowledge?