Technology and Innovation
Public flashcard deck about Technology and Innovation. 8 cards.
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What is the primary role of disruptive innovation in a market?
Disruptive innovation introduces a new product or service, often simpler and cheaper, that initially targets overlooked segments of the market and eventually displaces established market-leading firms, products, and alliances.
Explain the concept of 'open innovation'.
Open innovation is a paradigm that assumes firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology.
What is the difference between incremental and radical innovation?
Incremental innovation involves small improvements to existing products, services, or processes, while radical innovation creates entirely new products, services, or processes that fundamentally change the market or industry.
How does the 'network effect' influence the adoption of new technologies?
The network effect describes a phenomenon where the value or utility a user derives from a product or service increases as the number of other users of the same product or service increases. This can lead to rapid adoption and market dominance for certain technologies.
What is a 'platform strategy' in the context of technology innovation?
A platform strategy involves creating a technology or business model that enables other companies or developers to build complementary products or services on top of it. This creates an ecosystem that benefits all participants.
Define 'technological convergence' and provide an example.
Technological convergence is the merging of different technologies, industries, or functions into a single product or system. An example is the modern smartphone, which combines mobile phone, camera, music player, and internet browsing capabilities.