Technology and Innovation
Public flashcard deck about Technology and Innovation. 8 cards.
About this deck
Everything you need to know before you start
Cards Preview
Showing 6 of 8 cards - start studying to see them all
What is the primary driver behind the rapid pace of technological advancement today?
The exponential growth of computing power, data availability, and interconnectedness (e.g., the internet) are primary drivers. This creates a feedback loop where new technologies enable further innovation at an accelerated rate.
Define 'disruptive innovation' and provide an example.
Disruptive innovation refers to an innovation that significantly alters the way consumers, industries, or businesses operate. It often starts by targeting overlooked segments of the market with simpler, cheaper, or more convenient offerings, eventually displacing established market-leading firms, products, and alliances. Example: The rise of smartphones disrupting the market for feature phones and even personal computers for certain tasks.
What is the concept of 'open innovation'?
Open innovation is a paradigm that assumes firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as they look to advance their technology. It involves collaboration with external partners, such as universities, startups, and even competitors.
Explain the significance of 'network effects' in technology adoption.
Network effects occur when the value of a product or service increases as more people use it. This is crucial for many digital technologies, as it creates a strong incentive for users to join and stay with a platform, leading to market dominance. Examples include social media platforms and online marketplaces.
What is Artificial Intelligence (AI) and how is it transforming industries?
AI refers to the simulation of human intelligence processes by machines, especially computer systems. These processes include learning, reasoning, problem-solving, perception, and language understanding. AI is transforming industries by automating tasks, enabling data-driven decision-making, personalizing customer experiences, and creating new products and services (e.g., autonomous vehicles, predictive maintenance).
What is the Internet of Things (IoT)?
The Internet of Things (IoT) refers to the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these objects to connect and exchange data. It allows for remote monitoring and control of devices, leading to increased efficiency and new services.