The Relationship of Innovation and Technology
Technology and innovation are inextricably bound together. While most people conflate the two, they are most certainly distinct. In this essay, we shall explore Photo by Alex Knight on Unsplash Technology and innovation are related, but distinct The committee report on Innovation Measurement comprehensively defines innovation as "The design, invention, development and/or implementation of new or altered products, services, processes, systems, organizational structures, or business models for the purpose of creating new value for customers and financial returns for the firm." Meanwhile, Afuah defines innovation as "the use of new knowledge to offer a new product or service that consumers want." It is interesting to note the absence of "technology" in these definitions. Technology, therefore, is not essential, much less central, to innovation. As Shaindlin puts it,"Technology is one outcome of innovation, not a necessary ingredient." ...