Technology Driven Innovation
What Is Technology-Driven Innovation?
Technology-driven innovation refers to progress and idea generation that occurs alongside the development of new technological capabilities. Not all innovation is technology-driven. Here are examples of different types of innovation:
- Design-driven innovation revolves around advances in design that add new meaning to existing technology
- Market-driven innovation occurs as a result of demand from the marketplace
- Technology-driven innovation refers to the development of new business models, ideas, and processes that are enabled by new technological capabilities
In the case of technological innovation, the driver is technology itself. Once the technology has been developed, business leaders can incorporate its features and capabilities into the business strategy. Today, digital technology is advancing constantly, opening countless opportunities for technology-driven innovation. Such innovation usually results in a competitive advantage, since the majority of businesses do not adopt technology until it has become widely accepted.
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