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What is technological innovation?

The act of introducing a new device, method, or material for application to commercial or practical objectives.

Why is technological innovation important for firms?

It is the most important driver of competitive success and helps firms produce differentiated products and services.

What negative effects can result from technological innovation?

Innovation can lead to negative externalities, such as pollution that harms surrounding communities.

What is the Innovation Funnel?

It is a conceptual model where many potential new product ideas go in the wide end, but very few make it through the development process.

What does a well-crafted innovation strategy require?

An organizational structure and control systems that encourage the generation of ideas and ensure efficient implementation.

Who are the main sources of innovation?

Individuals, firms, universities, government-funded research, and private nonprofits.

How is creativity defined in the context of innovation?

The ability to produce work that is useful and novel.

What is the role of individual creativity in innovation?

It is influenced by intellectual abilities, knowledge, thinking style, personality, motivation, and environment.

What is the purpose of an intranet in terms of creativity?

It is a private network that allows employees to submit and collaborate on ideas.

What are the two types of research mentioned in the context of firm innovation?

Basic research, which increases scientific knowledge for its own sake, and applied research, which targets knowledge for a specific application.

What is absorptive capacity?

The ability of an organization to recognize, assimilate, and utilize new knowledge.

How do universities contribute to innovation?

They have technology transfer offices that facilitate the commercialization of research innovations.

What are science parks?

Regional districts set up by government to foster R&D collaboration between government, universities, and private firms.

What are technology clusters?

Regional clusters of firms connected by a common technology that engage in collaborative research and relationships.

What are agglomeration economies?

Benefits that firms reap by locating in close geographical proximity to each other, enhancing knowledge exchange.

What are technological spillovers?

Positive externalities from R&D where knowledge benefits from research activities of one firm spill over to others.

What DOESNT stop a job from computerisation?

analytic skills