Schumpeter's Theory of Technological Innovation

This assignment involves analyzing Schumpeter's theory of technological innovation, which provides deep insights into innovation and its relationship with economic development. The student reflects on the challenges they faced in understanding the theory initially but notes that through continuous efforts and support from peers, they were able to enhance their comprehensive understanding. The importance of working in a team is also highlighted, as well as the need for proactive learning practices.

Individual Reflection of
group report

Table of Contents
INTRODUCTION...........................................................................................................................1
Schumpeter's theory of technological evolution..............................................................................1
Description..................................................................................................................................1
Feelings.......................................................................................................................................1
Evaluation...................................................................................................................................2
Analysis.......................................................................................................................................2
Conclusion...................................................................................................................................3
Action Plan..................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Four members of group has been assigned to report on the technological development
specifically on the way ICT has revolutionised the tourism sector. Every member has to do task
individually and my objective was to present adequate information on key theories on
technological innovation. Schumpeter's theory of technological evolution (1939) is based on
innovation and its role in the economic growth (Saviotti and Metcalfe, 2018). By using Gibbs
reflective cycle I will elaborate my experience in effective and succinct manner. It will helps in
breaking down report reflection by evaluating and analysing links between experience and future
practices in the subject.
Schumpeter's theory of technological evolution
Description
I have been analysing the theory proposed by Joseph Schumpeter on teechnological
evolution. In order to do that I have scanned books, journals and web articles in order to enhance
my understanding regarding the subject matter. The theory proposed by Joseph Schumpeter was
based on innovation and growth of economics. As innovation centred on social progress of firm,
it is considered as key to success for entrepreneurs. In the theory I discovered that the theory of
innovation concentrates on economic development and progress. I found that economic change
revolves around innovation, entrepreneurial activities, and market power (Schumpeter, 2017). I
faced few difficulties and issues in comprehending the theory and to eliminate it I took help from
peers and colleagues. I was supportive to the group members and understand the pressure which
they may be under. Though through reading other books and articles I was able to understand the
theory efficiently and thus able to mention it in the report.
Feelings
While learning about Schumpeter's theory of technological evolution I found that the
theory was not easy to comprehend which made me anxious. Though, I was excited to learn new
things and areas of a business and business environment but my stress for not able to
comprehend the theory made me afraid and I got a feeling that I will not going to pass in the
assessment. I felt demotivated and stressed while facing issue in collecting information. The
topic was really difficult and it was a long process to collect, interpret and analyse it for getting
appropriate results from the information. The topic was really difficult and it was a long process
to collect, interpret and analyse it for getting appropriate results from the information. In order to
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collect there were many resources needed such as internet =, books, articles etc that was very
significant and critical. By continuous learning, comparing and contrasting on work of other
authors and support from peers I was able to understand the theories and its concepts. I witnessed
adequate progress in me which raise my confidence level and I was fully experienced without
assistance of group. My distress and anxious gone away and I provided precise, explicit and
succinct information about the theory.
Evaluation
In the beginning, I faced difficulties and distress in comprehending the theory but as soon
as I gained experience and knowledge about Schumpeter's theory I was able to comprehend it
efficiently. Now I can evaluate my own experience and Schumpeter's theory of technological
innovation.
Evaluating Schumpeter's theory of technological innovation
The benefits of Schumpeter's theory is that author has described explicitly about the innovation
and its circular flow that affects the economic development. Development process starts when
transformation takes place in economy (Bodrožić and Adler, 2018). This theory has been
understood by business managers and decision makers before proposing any strategic decision
for innovation. The negative side of the theory is that it is hard to understand and has limited
approach to innovation and economic development (Saviotti, 2018).
Evaluating own experience
During the preliminary stage of understanding I faced many difficulties regarding
comprehending the theory. The efficient literature and reading materials were hard to find which
increased my anxiety. Furthermore, the colleagues whom later supported me were engaged with
their own task and thus it increases my distress. After, continuously learning and searching for
relevant sources, I was able enhance my knowledge regarding the theory and thus was able to
frame it in the report appropriately.
Analysis
Analysing the experience from the beginning I could say that things went accordingly,
from bad to good. At beginning I faced lots of issues in understanding the theory but through
continuous efforts and support from peers I was able to enhance my comprehensive
understanding about the topic. With the help of communication, I have identified that it supports
in personal development. Apart from this, there are conditions in which conflicts raises among
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members. In such condition, it has negative impact over the project. When the rate of support
that is carried out by each member is similar, then it helps in completing the work within time.
After analysing Schumpeter's theory of technological innovation I can say that it is very useful
theory as it provide deep insights of innovation and its relationship with economic development
and progress. Theorists and professionals could utilise its concepts in order to enhance the
innovation and economic development (Saviotti, 2018). After the analysis I showed by research
to friend who is specialized in the theory and from his positive response I got more confidence to
prove my skills and knowledge in different subjects.
Conclusion
In the conclusion I can summarise that the learning of Schumpeter's theory of
technological innovation was went tough in the beginning, but in the end now I feel that I have
good understanding about the theory and its concepts. From the group work I understand the
importance in working in team and we were able to submit our report on time before deadline.
Action Plan
To improve my assertive skills, I need to be more proactive and need to improve my
learning practice. I will continue undertaking more self reflective practices by using Gibbs
(1988) model and will aim to become more confident specifically in the state when
implementing new skills which appeared to be complicated. In next group work, I will seek
recommendations from mentors, tutors and experts who possess good knowledge about subject
matter.
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REFERENCES
Books and Journals
Bodrožić, Z. and Adler, P.S., 2018. The evolution of management models: A neo-Schumpeterian
theory. Administrative Science Quarterly, 63(1), pp.85-129.
Gibbs, G., 1988. Learning by doing: A guide to teaching and learning methods. Further
Education Unit.
Saviotti, P.P. and Metcalfe, J.S., 2018. Present development and trends in evolutionary
economics. In Evolutionary theories of economic and technological change (pp. 1-30).
Routledge.
Saviotti, P.P., 2018. The role of variety in economic and technological development.
In Evolutionary theories of economic and technological change (pp. 172-208). Routledge.
Schumpeter, J.A., 2017. Theory of economic development. Routledge.
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