Lesson 6-7: Identifying promising technologies & characteristics of promising technologies

Refers to the introduction of new ideas, products or processes that significantly improve existing solutions or create new opportunities

Ex.

• Artificial intelligence

• Renewable energy sources

Innovation

Assesses the need or desire for a technology within a specific market or industry

Market demand

Refers to the introduction of new ideas, products or processes that significantly improve existing solutions or create new opportunities

Ex.

• Artificial intelligence

• Renewable energy sources

Innovation

Assesses the need or desire for a technology within a specific market or industry

Market demand

These are factors to consider in market demand

Consumer preferences, market trends and market size

The rise of electric vehicles due to increasing environmental concerns and governmental regulations is an example of?

Market demand

The potential of a technology to grow and be efficiently expanded to meet the increasing demand without compromising performance

Scalability

The ability of technology to meet present needs without compromising the ability of future generations to meet theirs.

Sustainability

A framework for assesing the internal and external factors for commercial viability

SWOT analysis

Internal attributes that provide an advantage over competitors

Strengths

Internal factors that place the technology at a disadvantage

Weaknesses

External factors that the technology can capitalize/leverage on

Opportunities

External factors that could pose risks or challenges

Threats

What does PEST analysis mean?

Political, economic, social, technological

Goverment policies, regulations and political stability that affect the technology

Political

Economic conditions and factors influencing the technology's market

Economic

Social trends and cultural factors impacting the technology's adaption

Social

Technological development and innovations affecting the technology's performance

Technological