Finding and Analysis: Technology and Innovation

Technology as a Driver and Enabler of Innovation. Technology is a powerful driver of both the evolution and proliferation of innovation.Innovation is a primary source of competitive advantage for companies in essentially all industries and environments, and drives forward efficiency, higher productivity, and differentiation to fill a wide variety of needs. One perspective on economics isolates innovation as a core driving force, alongside knowledge, technology, and entrepreneurship. This theory of innovation economics notes that the neoclassical approach (monetary accumulation driving growth) overlooks the critical aspect of the appropriate knowledge and technological capabilities.

Questions

You are required to explain below terms, give example with relevant prove. Please use, current company brand as your references. Your need to:

Identify the three types of innovation.

i. Product innovation

ii. Process innovation

iii. Service innovation