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Technologies ("science of craft", from Greek τέχνη, techne, "art, skill, cunning of hand"; and -λογία, -logia[1]) is the sum of techniques, skills, methods, and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation. Technology can be the knowledge of techniques, processes, and the like, or it can be embedded in machines to allow for operation without detailed knowledge of their workings. Systems (e. g. machines) applying technology by taking an input, changing it according to the system's use, and then producing an outcome are referred to as technology systems or technological systems.

Innovationrefers to improving or fixing things that are wrong, corrupt or unsatisfactory. i.e. to change old customs, organizations, methods, etc. in a way that is deemed appropriate. Innovation in the service industry is called innovation. Innovation is often mixed with the term innovation. Innovation can be defined as new products/services or processes that can have a significant impact on existing market orders. On technological innovation, continuous research was conducted in the social sciences with the focus on economics after the mid-20th century

Technological Innovationrefers to efforts to develop new products (services) and processes (processes) by enhancing their output and thereby improving their added value. Therefore, the creative activities of products, services and technology needed in the lives of consumers.

Definition

Innovative Technologiesare technologies that changes the way we live, which has a great impact on humanity, either through the development of science or by talking about technologies that are created by creative ideas.

Examples of innovations in history

Industrial revolution

The commencement of the Industrial Revolution is closely linked to a small number of innovations,[2] beginning in the second half of the 18th century. By the 1830s the following gains had been made in important technologies:

  • Textile - A cotton spinning machine using the water-proofing machine of arcite, the multi-axial spinning machine of Hargreaves, and the mule square machine of chromton (combination of the water-proof and multi-axial spinning machine). It was patented in 1769, and took effect in 1783. With the establishment of cotton and textile factories, its effect quickly decreased.
  • Steam power - an improved steam line invented by Watt was immediately used to pump out the mines, but was replaced by a motor from the 1780s. The technology has enabled the rapid development of efficient semi-automated plants from small-scale past situations where hydroelectric generation did not exist.
  • Steel - In the steel industry, coal began to be used in the iron smelting stage in place of charcoal. It was discovered long before copper, the iron of the blast furnace.

Second industrial revolution

  • Iron
  • steel
  • rail
  • electrification
  • machine tools
  • paper making
  • chemical
  • rubber
  • automobile

A synergy between iron and steel, railroads and coal developed at the beginning of the Second Industrial Revolution. Railroads allowed cheap transportation of materials and products, which in turn led to cheap rails to build more roads. Railroads also benefited from cheap coal for their steam locomotives. This synergy led to the laying of 75,000 miles of track in the U.S. in the 1880s, the largest amount anywhere in world history.[3]

Third industrial revolution

The Industrial Revolution, which took place in the mid to late 20th century and early 21st century (after 2001), was promoted by the invention of computers, the Internet and satellites, is called the information revolution.[4]

  • Computer
  • Internet
  • Satellite
  • GPS
  • Smartphone
  • CNC
  • 3D
  • CAD

Current innovative technologies(revolution 4.0)

Industry 4.0 is the subset of the fourth industrial revolution that concerns industry. The fourth industrial revolution encompasses areas which are not normally classified as an industry, such as smart cities[5]

  • Mobile devices
  • Internet of Things (IoT) platforms
  • Location detection technologies
  • Advanced human-machine interfaces
  • Authentication and fraud detection
  • 3D printing
  • Smart sensors
  • Big data analytics and advanced algorithms
  • Multilevel customer interaction and customer profiling
  • Augmented reality/ wearables
  • Fog, Edge and Cloud computing
  • Data visualization and triggered "real-time" training

Failed innovative technologies

The 10 Biggest Tech Failures of the Last Decade from Time [6]

  1. Tech Malfunction
  2. Microsoft Vista
  3. Gateway
  4. HD DVD
  5. Vonage
  6. YouTube
  7. Sirius XM
  8. Microsoft Zune
  9. Palm
  10. Iridium
  11. Segway

Sirius XM Sirius XM (SIRI) satellite radio was supposed to be one of the most successful consumer electronics devices of all time. A subscriber would be able to listen to more than 100 stations coast-to-coast in either a moving vehicle, or using a portable version of the device.

Segway Segway, a one-man transportation, was expected to be the most innovative product to change the city’s commute. Moreover, the product had high expectations before its launch, as it drew investment from people like Apple’s Steve Jobs and Amazon’s Jeff Bezos. In fact, Segway was a very technologically advanced product. The intelligent mechanism of self-balancing prevents the rider from tipping over, and can automatically move, turn and stop by tilting the body back and forth. Sales of such highly anticipated products, however, have been disastrous. Sales were only around 6,000 units in the 18 months.

What is the difference between successful innovative tech and failed tech?

"Invention is a flower, innovation is a weed," said Bob Metcalfe[7], a pioneer of computer networks. If invention is like a flower that attracts people's attention with sparkling ideas, it means that innovation is not only about bringing temporary excitement, but also like weeds that spread with strong vitality.

In short, innovation must spread and survive like weeds. To achieve above a certain level of achievement, innovative new products should not just be new, but should be widely accepted by the public.

There are some risks to overcome in the process of innovative new products being widely accepted by the public," said Jung Jae-young, a senior researcher at LG Economic Research Institute. One of them is ‘Chasm’, which refers to a gap between the early market that the product faces when launched and the subsequent Mainstream market.

The gap, discovered by Jeffrey Moore, is what makes us face the reality that early market success does not always lead to mainstream success. It also reminds us that it takes special efforts to successfully enter the mainstream market.


Footnotes

  1. ↑ Liddell. (1980)
  2. ↑ Eric Bond. (2003)
  3. ↑ Chandler. (1993)
  4. ↑ Jeremy Rifkin. (2001)
  5. ↑ Marr, Bernard. (2018)
  6. ↑ Time. (2009)
  7. ↑ Bob Metcalfe. (1999)


References

  • Liddell, & Henry George, & Scott, & Robert. (1980). A Greek-English Lexicon (Abridged Edition). Oxford University Press.
  • Eric Bond, & Sheena Gingerich, & Oliver Archer-Antonsen, & Liam Purcell, & Elizabeth Macklem. (2003). The Industrial Revolution.
  • Chandler. (1993). pp 171
  • Jeremy Rifkin. (2001). The Third Industrial Revolution; How Lateral Power is Transforming Energy, the Economy, and the World.
  • Marr, Bernard. (2018). Why Everyone Must Get Ready For The 4th Industrial Revolution. Forbes.
  • Time. (2009). The 10 Biggest Tech Failures of the Last Decade.
  • Bob Metcalfe. (1999). Invention is a flower, innovation is a weed.

Author: Chan Kim

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