Technological Innovation

• The process by which industry generates new and improved products and production processes.
• It includes activities ranging from generation of idea, research, development and commercialization to the diffusion throughout the economy of new and improved products, processes and services.”
• Innovation=Invention + commercial exploitation

Technological innovation occurs as a result of either:

• Technology-push (Science-push): happens when innovators seek commercially viable uses for new or existing
• Market-pull (Demand-pull, or Need-pull): results from recognition of an existing problem or need by the technology. Innovator, aka the application of technical and capital resources to develop alternative technological solutions.