Introduction to Technological Innovation

Technology is the application of knowledge. Science, on the other hand, is the understanding and development of knowledge. Innovation is the means to which value is created from what is existent. The means to innovation is recognition of areas of improvement, creativity in problem-solving, and embracement of change. The famous nuclear physicist, William Pollard said,"Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow." Today, the world is incessantly changing and exponentially expanding upon learning. It is in this age that innovation has become the key indicator of success for businesses. If a company can do something different and better, that is their primary means to success.

Innovation can occur in several areas: an introduction of a new good, an introduction of a new method, an opening of a new market, obtaining a new market, obtaining a new source of supply, implementation of a new form of organization. Apple, previously Macintosh, rose to popularity through its innovation of the iPod and iPhone, an innovative product. Walmart became successful after it revolutionized its approach to warehousing, an innovative method. Tesla has innovated by creating a 30k vehicle, a drastic change from its luxury counterparts. This represents the opening a new market, a lower-income, middle-class target.

In this way, studying history can help one understand the future. The trends that occurred in the past almost always repeat over. Although the circumstances change, the process is almost always the same. In addition, studying history can help us understand the world today. Why is the world the way it is? Why are people the way they are? What ideas, cultures, movements, environments, and events have shaped the way people think and communicate? These are questions that history answers. In the context of business, we can study what companies did right and what companies did wrong in the past. This approach proves the vitality of innovation and the growing importance is maintains.

Over the course of the semester and over various interviews we conducted, I have come to realize the importance of experience, expertise, and networking. The questions presented and the answers given by various managers and employees has widened my scope and imparted humility. There is a wealth of knowledge sitting in the expertise of surprisingly accessible people. Asking questions and learning from people is an invaluable way to gain relevant, practical knowledge. LinkedIn has proven to be a great resource for finding and reaching out to people in various industries. I was surprised by the enthusiasm individuals, from established companies whom I never met, had responded with. People enjoy talking about themselves and their path to success, most being open to sharing great details. There are plentiful tips and lessons to take away when engaging with others. This is a newer, more profound realization I came to regarding networking that lays beyond its potential to provide opportunities or jobs.

From the discussions I partook in during class, I have come to immensely appreciate the field of technological innovation. Not simply because it is a distinct study, but because of its proliferation in almost all other fields today. Whether it is in the medical, veterinary, aerospace, transportation, food, agricultural, telecommunications or consumer goods industries. Some often discussed were prosthetics, 3D printing organs, virtual reality gaming, artificial intelligence, virtual assistants, military weapons, and wearable/internal technology. Innovation drives the high commodity industry. This industry is characterized by high demand and prices. Eventually, as the technology becomes more accessible, more inexpensive, and less novel, the high tech products gradually become commodities or valuable necessities.

The world is changing so fast it can sometimes be frightening. We no longer have the ability to be bystanders in the technological revolution of recent times. We have to adapt and change with the trends or we can fall far behind. In business, this is a fundamental reality. All monetary success today is contingent on a company's ability to find gaps, uncover problems, and understand behavior that in turn inspires innovation. Constant innovation is the immanent driving force of prominence today as can be seen by companies like Amazon, Salesforce, Tesla, Apple, among others.

Benedictine University: http://www.ben.edu/index.cfm
Daniel L. Goodwin College of Business: http://www.ben.edu/college-of-business/index.cfm
Entrepreneurship: http://www.ben.edu/college-of-business/undergraduate/entrepreneurship.cfm
ENT 320: http://www.ben.edu/college-of-business/undergraduate/entrepreneurship.cfm
Jodi Houlihan: https://www.linkedin.com/in/jodihoulihan/
Atiya Mahkri: https://www.linkedin.com/in/atiya-mahkri/