Innovation and Technology Management: 21st Century Challenges Report

This report delves into the multifaceted realm of innovation and technology management, analyzing its various dimensions and the primary drivers fueling the growth of entrepreneurial ventures. It explores the strategic significance of innovation, its impact on organizational competitiveness, and the managerial challenges associated with product and service innovation. The report highlights the importance of understanding major international technology trends, including the rise of emerging markets and shifts in demographics, while critically evaluating the role of innovation and technology management in the 21st century. It examines the key drivers contributing to entrepreneurial growth, such as market demand, job creation, and technological advancements. The report also addresses environmental issues and the need for innovation in addressing global challenges. It emphasizes the importance of adaptability and strategic planning for businesses navigating slower growth and increased competition in the global market. The study also sets the management of innovation and technology in its extensive business settings and features the significance of a basic way to deal with choices about innovation and technology management in the business organizations and assess the alternatives perspectives on the innovation process.

RUNNING HEAD: Innovation and Technology Management
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Innovation and Technology Management

Innovation and Technology Management 2
Table of Contents
Introduction......................................................................................................................................3
Literature Review............................................................................................................................3
Various dimensions of Innovations..............................................................................................3
The position of innovation.......................................................................................................4
Industry context........................................................................................................................4
Focus on Innovation domains...................................................................................................4
Sources of ideas........................................................................................................................5
Size and complexity of organization........................................................................................5
Drivers that contribute to the growth of entrepreneurs................................................................5
Interest in products and services that individual require..........................................................5
Offer employment opportunities..............................................................................................5
New technology encourages efficiency....................................................................................5
Innovation occurs where there is competition..........................................................................6
Outline environmental issues...................................................................................................6
Critical review.................................................................................................................................6
Understanding of major international trends in technology and innovation................................6
Developing Emerging Markets................................................................................................7
Statistic Shifts...........................................................................................................................7
Enhance competition................................................................................................................7
Slower Growth.........................................................................................................................7
Role of innovation and technology management in the 21st century...........................................8
Conclusion.....................................................................................................................................11
References......................................................................................................................................12

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Introduction
Innovation is the source by which a new plan can generate new successful items or services
through which depends on the market requirements. Innovations are the key purposes of the
monetary development and they can change the way an industry or a general public get changed.
Innovation management consists a set of tools that permit management to coordinate with a
common comprehending of procedures and objectives. This report evaluates the different
measurements of Innovation and the primary drivers that add to the advancement of little start-up
business entrepreneurs. Development and innovation administration allows the association to
react to outside or inside circumstances and use its innovation in order to initiate new plans,
methods or techniques. This report also describes the importance of innovation and its
relationship to wider strategic problems within the organization. The report concentrates on
innovation management throughout all its phases and provides the tools and comprehending the
necessary to confirm that innovation can be used to increase the competitiveness of any
organization. The main aim of this report is to desribe the main drivers of innovation and
technology management, its strategic significance and a range of managerial problems relating to
the pursuit of innovation through product or service innovation and technology executives in the
business. The study aims to increase the awareness of the focal point of innovation success and
examines their application in the different aspects. The report also critically evaluates the role of
innovation and technology management in the marketplace in the 21st century. It sets the
management of innovation and technology in its more extensive and business settings and
features the significance of a basic way to deal with choices about innovation and technology
management in the business organizations and assess the alternatives perspectives on the
innovation process.

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Literature Review
Various dimensions of Innovations
In the Schumpeterian culture, the entrepreneur is the hero of dynamic free enterprise. According
to Akintoye et al. (2012), the entrepreneur visionary initiates the new combination of products,
new markets, and new types of association. Entrepreneurship and innovation are practically
synonymous. Innovation happens in research and development facilities and entrepreneurial
capacity has progressed toward becoming routinized in a management organization. The
association can situate itself to its development setting and do preparatory for working up the
Innovation Plan by considering the accompanying the major dimensions of innovation which are
as follows (Borrás & Edquist, 2013):
The position of innovation: According to Boschma & Frenken (2010), innovation may occur in
the connection to any part of the organization its abilities and its results. While advancement is
as often as possible idea of as occurring basically as enthusiasm for innovative work movement
inciting to item progressions that might be in this manner be popularized, late research has
centered and underscored the way that development frequently constantly happens over various
measurements inside the organization by consisting innovation in products, services, business
activities and the business model. This dimension in the innovation creates a huge impression on
the customers towards the organization.
Industry context: According to Burns (2010), it is imperative for the organization to understand
the competitive context for innovation. The standards of the organization with the pace of
existing industry development action may deal with a base level of prerequisites for
advancement in the business and market, and uncover opportunities for enhancing perceiving the
association from the opposition. It is also basic for associations to record the idea of
advancement shift by industry, and the requirements for improvement are particular in various
market setting. For instance, associations in the assembling business tend to put moderately in
item advancement and operational improvement, while associations in benefit ventures will tend
to sort out administration development. Development prerequisites may change fundamentally
from industry to industry and in different market and aggressiveness conditions (Carree &
Thurik, 2010).

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Focus on Innovation domains: According to Kumar (2012), the third dimension of innovation is
to see that stress for advancement issues might be tended to on different levels. For example, the
consideration might be on at least one of individuals advancement, team creativity, and business
advancement, between authoritative associations, and government improvement approach.
According to Colombo and Grilli, (2010), it is imperative to determine which stage is important
for the innovation problems that organization identified. In other words, the improvement areas
are associated. An association, for example, would normally be worried about individual,
gathering and legitimate development, however this occurs in a circumstance enabled or
compelled by government innovation strategy.
Sources of ideas: According to Cooper & Edgett (2010), the tools of development that
innovations may appear from the various sources. New designs and development might be risen
by shoppers, laborers, suppliers, administration, the exercises of contenders and plans in people
in general area.
Size and complexity of organization: The sixth dimension of innovation is the size and intricacy
of the organization. t is clear, small organizations with a compliment authoritative structure take
into account more prominent, faster and more intimate communication between the workers.
According to Crossan & Apaydin (2010), in bigger organizations, more care must be taken to
outline and develop suitable systems, communication channels and advancement procedure to
develop communication, innovative idea and wise movement of innovative ideas commercially
gainful advancements ((Kleinknecht, 2016).
Drivers that contribute to the growth of entrepreneurs
According to De Luca & Atuahene-Gima (2013), the major drivers that contribute to the growth
of small start-up entrepreneurs are as follows:
Interest in products and services that individual require: According to Schumpeterian model,
entrepreneurs make new business in light of unmet wants and demands in the market. There is an
opportunity to give a product or service that is not at present in existence or generally accessible.
Market analyst refers to the start-up business as opportunities entrepreneurs in order to
differentiate these people from those who begin business for the absence of better work
opportunities. Opportunity entrepreneurs empower access to goods and services that population
needs in order to be beneficial (Dunning, 2013).

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Offer employment opportunities: According to García-Morales et al. (2012), new organizations
require to recruiting employees. They create jobs and these economic opportunities lift and care
groups through growing the individual fulfillment and general lifestyle.
New technology encourages efficiency: The ability to change ideas into new products and
services that individual require is the wellspring of thriving for any created nation. Financial
improvement is driven by new advances and their inventive applications. The term of new
advancements generally has been joined by times of solid monetary improvement. The boost of
advancement is the greatest natural resource of human personality. Design innovative items and
arrangements an educated population and an atmosphere where collective work can take place
(Gassmann et al, 2010). In addition to being used for business, training expands workforces for
business, training expands workforce innovativeness and personal satisfaction.
Innovation occurs where there is competition: Fundamentally, there is the favorable input of
innovation, entrepreneurship, and monetary improvement. According to Kiss et al. (2012), new
and developing organizations represent the important sources of jobs creation and innovative
actions in an economy, two factors that for the most part result in the rising principles of life for
all (Igartua et al., 2010).
Outline environmental issues: According to Kahn et al. (2012), innovation is critical with
regards to tending to the huge ecological issues that organization confront in the present scenario
that is combating environment change, bringing down worldwide ozone-harming substance
discharges, and protecting biodiversity in the environment. Reliable access to these innovations
enhances efficiency and upgrades economic development.
Critical review
Understanding of major international trends in technology and innovation
Technological advancement and innovation change are fundamental drivers of late financial
execution. The ability to make, pass on and abuse data has turned into a vital instrument of
aggressiveness improvement, riches creation and upgrades in the individual fulfillment. A
portion of the essential features of this change are the creating impact of information and
correspondences development on the economy and furthermore in the public eye. The

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progressions derive that science, development, and headway are by and by key to upgrading
monetary execution and social flourishing. Notwithstanding, for the situation that governing
bodies need to obtain the focal points from this switch they should set up the right courses of
action. Confined on open spending, grow contention and globalization, changes in the drivers of
the improvement method, and a prevalent cognizance of the imagined by science and
development in monetary execution and societal change, have driven governments to hone their
methodologies mechanical assemblies. Continuously, the administration must turn onto a
facilitator, enabling business and clients to conform to the necessities and chances of the new
economy. Yet, there are different ranges, for example, interest in essential research and
guaranteeing partner's engagement in procedure plot, where a dynamic piece of government is
basic. As the economy grows progressively at home, the business may need to direct at offering
universally worldwide markets. Before looking outside business sectors, a business must think
about the huge examples in widespread business. Worldwide markets are growing rapidly, and
business can take advantages of the changing condition to make a specialty for the organization.
There are some factors which show the relationship of these trends in the international business
which are as follows:
Developing Emerging Markets: Developing nations will look the highest economic growth as
they come closer to the lifestyles of the created advertise. For the fast development of the
organization, business ought to consider offering into one of these creating markets. Language,
budgetary framework and monetary framework elements can impact which markets business
should support.
Statistic Shifts: The number of the inhabitants in the industrialized world is maturing while
many developing countries still have extremely energetic populations Organizations taking into
account well-off beneficiaries can benefit from a focus on developed nations, while those
targeting young families, mothers and kids can see in Latin America, Africa and the Far East for
development.
Enhance competition: As more associations enter overall markets, Western associations will see
the extended competition. Since associations arranged in creating markets every now and again
have cut down work costs, the difficulties for Western firms is to keep ahead with speedier and

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more reasonable improvement and furthermore an high level of computerization (Leiponen &
Helfat, 2010).
Slower Growth: he engine of quick improvement has been the Western economies and the
greatest of the creating markets, for example, China and Brazil. Western economies are
stagnating, and creating business part improvement has directed, so financial development
throughout the following quite a while will be slower. Global associations must start an
arrangement for the productivity despite all the more slowly growing demand.
Role of innovation and technology management in the 21st century
Developments in science and innovation are on a very basic level adjusting the way people live,
associate, impart and execute with significant impacts on economic development. According to
Martinez et al. (2010), to advance technology advance, developing nations should invest in
quality education for youth, and constant aptitudes preparing for employees and managers. The
innovative revolutions of the 21st century are rising up from entirely new parts, depend on
microprocessors, broadcast communications, biotechnology, and nano-technology. Things are
changing business practices over the economy, and the lives of all who approach their effects.
The most noteworthy achievements will originate from the joint effort of bits of knowledge and
applications developing when these advances merge. As in contradicted to Naudé (2010), access
and application are basic. Advancement and innovation are the separations between countries
that can deal with destitution sufficiently by creating and working up their economies and those
that are unquestionably not. The degree to which creating economies ascend as monetary
powerhouses depend upon their ability to understand and apply bits of knowledge from science
and utilize them inventively. Headway is the basic driver of mechanical development and drives
higher expectations for everyday comforts. Taking care of mechanical transformations postures
challenges. Certain headways and disclosures will raise full bio-moral issues, as heredity
modification of nourishment products and cloning of human beginning living beings has viably
done. There is a hazard that their cost, particularly before all else phase of advancement, will
increase the present imbalance by constraining access to well off people groups. This as of now
happens in human services in certain G7 nations, where the prerequisite for high-cost definite
gear and surgical mediations enabling life expectancy and better individual fulfillments for more
settled well off people groups overstretches general human services spending plans, and lowers

Innovation and Technology Management 9
service quality in poor neighborhoods. As in opposed to, to enhance technological advances,
developing nations should invest in quality education for youth, persistent abilities preparing for
specialist and managers, and should ensure that innovation and technology are shared as
conceivable crosswise over society. In a world in which the internet makes data pervasive, what
counts is the capacity to use knowledge intelligently. The knowledge of innovation and
technology to entrepreneur is the foundationally coordinated data that permits a resident, a
supervisor, or a market to act deliberately and insightfully in a complex and demanding world.
The main type of venture that takes into account expanding returns is in building the stocks and
flows of knowledge that a nation or organization require, an in empowering new insights and
techniques.
According to Schiederig et al. (2012), is driven by the ability to see relationship to spot
opportunities and to take advantages of them. for example, new medications depend on genetic
manipulation have opened a major new front in the war against ailment. Mobile phone, PDA's
and different tools have revolutionized where and when business communicates. Schumpeter
argued that the competition posed by new items was far more imperative than minor changes in
the cost of existing products. Organizations deal with resources over time and creative capacities
that impact their advancement execution. An overview of the innovation process is given below
by Schumpeter:
Overview of innovation process
Market changes lead
to requirements and
opportunities
Organization
architecture and outside
linkages
Organization’s
operations
 Knowledge
 New products
 New process
 New services
Creative individuals Consumers
Information inputs from universities, research units, and other companies

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As in opposed to Smith et al. (2010), individuals can find in this overview that the innovation
procedure incorporates an economic perspective which endeavors to take a look at the inner
activities. It also perceives that organizations establish connections with different entities to
acquire new information. The purchasers have a critical part in the design of involvement
development. The significance of customizing and tailoring the experience through types of co-
creation is critical, such as in service sector. Each organization has a special architecture which
represents the way it has developed itself over time. This contains its internal outline, including
its capacities and the connections it has developed with customers, providers, contenders and so
on. This structure considerably affects an organization’s innovative performance. Persistent
development and a capacity to continually reclassify the aggressive playing field are among the
abilities that characterize corporate performance in the worldwide economy. For instance, Nokia
is still the world’s biggest creator of mobile phones, but it lost its driving position in the United
States by coming up short to coordinate mainstreams products like the Apple iPhone. The
problematic rise of Apple’s iPhone and Google’s Android uncovered the extent of this case. The
iPhone’s global offer now approaches 16 percent, Android’s worldwide advanced mobile phones
share has shot from 4 percent in 2009 to almost 23 percent in 2010. Nokia’s new manage
Microsoft could conceivably be the start of a fundamental turnaround.
According to Smith (2013), the capacity to perceive new opportunities in the outer environment
assesses and organizes these opportunities, and then interprets these opportunities into suitable
business ideas lie at the core of the entrepreneurial procedure. For example, the lower capital
cost regularly implies that the opportunities for new participants and radical change are greatest
in the service sector. As resources become progressively specific and resources need move
toward becoming less predictable, organizations tend to make shorter-term duties to a given
resource, and to depend all the more vigorously on the outsourcing, renting, and utilizing of
resources. Practically, the emotional pace of technological change mix with the discontinuity of
markets forces organizations to develop more new products and to do it so much faster. As in
opposed to White & Bruton (2010), open innovation refers expanding the search and
commercialization of new thoughts beyond the limits of the organization of the business.
Research affirms that cooperation with customers and providers has a big influence on product

Innovation and Technology Management 11
development. In other words, open advancement can essentially affect the improvement of the
association. By isolating regular corporate points of confinement, open advancement licenses
protected innovation, considerations, and people to stream uninhibitedly both into and out of an
organization. In today’s world, there a great deal of organizations that failed or endured
significant substantial loss because of development failure. An alternative to the advancement of
innovation is to copy other effective organizations.
Conclusion
From this report, it has been concluded the significance of innovation in entrepreneurship is
showed up by coming up of the better way to deal with conveying products or a solution. An
organization industry can reach out with another kind of administration to fulfill the frequently
changing prerequisites of their clients. Makers can concoct another thing from the crude
materials and side-effects. This report clarifies the real measurements of advancement and the
drivers that add to the development of little start-up business entrepreneurs. The report describes
the major international trends in the advancement of innovation and technology and their
connection to the international business. The study also shows the importance of innovation and
the methods it connects to wider strategic issues within the organization. This report finds that
innovation and technology is a tool by which the entrepreneur starts new riches delivering assets
or favors existing assets with enhanced limit with respect to making wealth. Schumpeter tradition
clearly that innovation is a particular source of entrepreneurship. Innovation is the procedure by
which organizations look to gain competitive benefits in the marketplace and to enhance their
potential to produce wealth. Thus, it is concluded that after involving in innovation, the firm will
require the capacity to access new data, have the ability to transform this information into
knowledge, and have procedures, methods, and resources to apply this knowledge to exploit the
opportunity or opportunities emerging. The report also concluded that the significance of
advancement in enterprise is another key value for the life expectancy of a business.
Entrepreneurs and business began with a need. They saw the need inside the gathering and
among themselves that they have thought of an answer. In this report, business grabs the chance
to improve to make the lives more pleasant. Also, these courses of action kept creating to
enhance it, not so much requesting but rather more profitable. Business visionaries must keep

Innovation and Technology Management 12
themselves side by side with the present examples and requests. Makers are ceaselessly
developing to make more without relinquishing the quality.
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