The rate of innovation is said to be approaching an all-tome low point similar to the Dark Ages, that is, zero. However, there is a large border between innovation in the past and innovation today. This is because major branches of technology have already been discovered. One example of a major branch of technology is ICT. Consequently, Computer Science and the Internet could revolutionize the modern world and make tasks, known as difficult beforehand, simpler and could potentially increase innovation rate tenfold.
Innovation growth may be plummeting down, although, Smart (2005) believes on the contrary. According to him, innovation, today, is very reliant on technology. Due to this, the rate of innovation is skyrocketing at the cost of unpredictability. The rate of innovation is becoming too fast that the human race could not predict where it is going in 20 years forward, approximately, 2020 up to 2040. However, since innovation now relies too heavily on complex systems and complicated computing, the rate seems to slow down because the human mind could not grasp its speed. These are only one of the many reasons to shift into using ICT. The invention of a computer aroused from the need to lessen human error. Thus, a need to manage technological innovation arises.
Dodgson, Gann, and Salter (2008) define management of technological innovation, also known as MTI, as the repetitive process of improving and refining ideas. Globalization could be attained far easier since there is greater participation in the world trade capacities of ICT. Managers should know different kinds of innovations such as radical and modular innovation. Thus, managers should also know the different innovation strategies.
Courtney, Kirkland and Viguerie’s (as cited in Dodgson, Gann, & Salter, 2008) specified three basic propositions which are: “Taking big bets”, “Hedging bets”, and “Wait and See”. “Taking big bets” is investing heavily on prospect of major returns. Thinking logically, it may seem impractical, but once accustomed to, it could quicken our development as a species. “Hedging bets” is investing shrewdly on the prospect of reasonable returns and may be the safest choice of proposition. As they say, slow and steady wins the race, that is, the technological race. Otherwise, you just “Wait and See” which is just a standstill and keeping options open. What is the most practical type of MTI for ICT? Well, just wait and see.
Trott (2005) talks about the Internet and its revolutionary potential. Refining daily activities, with the Internet, shall become exceedingly simple. Information-intensive industries are exceptional candidates for reorganization through the World Wide Web. For instance, when shifted to the web, education cost could be lessened at the expense of making it slightly more impersonal.
The Internet was always known as the media for quick communication. Presently, the Internet serves more purposes than just communication. Besides entertainment,...