Pace of innovation is the speed at which technological innovation or advancement is occurring, with the most apparent instances being too slow or too rapid. Both these rates of innovation are extreme and therefore have effects on the people that get to use this technology.
The factors that cause rapid pace of innovations include lack of trial and error, technological momentum, ease of entry into a field. Innovators usually do not have the burden of proof; thus, regulatory agencies have to prove that the technology has negative effects. Slow pace of innovation is caused by, but not limited to, lack of monetary funding, conflict of interests between the innovators and other factions such as the consumers, and technological momentum of competing technologies which make the use of new innovations difficult. Different technologies require different paces of innovation, therefore it is important to note that the appropriate pace of innovation depends on the context.[ citation needed ]
A technology with a slow pace is one that has its developments delayed or under-emphasized due to different factors or barriers. Major barriers include technosocial momentum that advance an alternative innovation, lack of adequate monetary funds, and social factors. Non-automobile based cities progress too slowly today in the US in comparison to those that are based around automobiles. This acts as a barrier to high speed trains and other forms of mass transit in most cities. Another example of a slowed technology is the male birth control pill which has been researched since the 1920s and still a working product has not ended up on the market. The slow progress and acceptance of the male birth control pill is largely associated with budget issues where it lacks the funding to perform proper research. A male contraceptive that is nearly 100% effective has yet to be found, and testing can run millions of dollars. Conversely, since many of the technologies are long-term solutions for men, pharmaceutical companies are resistant to further development of products that are not constantly making money. Those contraceptives that have been found to work, whether they are pills or herbal remedies, but they have adverse side effects that are less than desired by men. This social barrier has also slowed the progress of the male birth control pill as men do not naturally experience the emotional feelings of menstruation and pregnancy. [1]
The slow pace of technology not only affects products, but entire fields, such as green chemistry. Social and organizational barriers have prevented green chemistry from becoming a viable field, whereas brown chemistry's technological momentum remains strong. A lack of environmental considerations in professional licensing exams for chemical engineers prevents a shift to a more benign chemical education that reflects the integrity of the natural planet. Since this field is relatively new, definitions and standards are still vague, leading to organizational barriers. There is no large-scale green chemistry database or comprehensive reference, which limits the progress being made in the field. Companies that make green technologies or produce tools to measure green performance are often proprietary and not easily applicable to other firms. Barriers like these can cause a technology to stumble or to not move at all. This causes some goods not to go into production due to lack of funding. [2] Examples of some products that have not been fully developed due to poor funding include the male birth control pill and the dengue fever vaccine.
The description of technology moving too fast is that innovation is proceeding faster than expected or than the consumption rate of the goods due to a quick rate of production. The main reason why innovating too fast is undesirable is that the technology tends to have unintended consequences caused by the lack of adequate trial and error, including deliberation among all parties involved in the use of a product. There are numerous examples in history that point out the unintended consequences of innovating too fast. The manufacturing of the Ford Pinto during the 1960s through 1970s, occurred due to fast manufacturing of the vehicles before adequate testing could be done. This led to the production of an ineffective product that caused the deaths and injuries of numerous people when the Ford Pinto was involved in an accident. [3] Another example of innovating too fast is suburbanization, which occurred due to the ease of access into big cities in combination with lower suburban housing rates. This had the unintended consequence of reducing the tax funds for inner urban areas and undermined the effectiveness of public transport due to the long distances needed to be traveled. [4] This also led to the increase of small vehicle sales, which played a part in the deterioration of the environment particularly due to air pollution. To create a market for the numerous goods produced, manufacturers create low quality goods that do not last for long and advertise extensively which creates an endless cycle of consumerism. [5]
Lack of deliberation amongst the parties to be involved in a technology may also lead to a rapid pace of innovation mainly due to publicity that a project may gain making it difficult to oppose the original plan leading to the technological momentum in that particular field. For example, the NASA Space Shuttle project led to large publicity which made it more difficult to stop the project when it started being costly. Lack of deliberation during the decision made to build large nuclear reactors during the 1970s, caused nuclear energy to have a technological momentum. [6] In the case of nuclear power plants, there was also no gradual scale up of the power plants which made it difficult and costly to implement changes after trial and error. Other examples of technology proceeding too quickly are product iterations that occur from the treadmill of consumption. With consumer goods, such as CD players, vacuums, and lint rollers, being produced with such variety that lead to various resource inefficiencies, products are being modified at an unnecessarily rapid pace. [7]
In business theory, disruptive innovation is innovation that creates a new market and value network or enters at the bottom of an existing market and eventually displaces established market-leading firms, products, and alliances. The term, "disruptive innovation" was popularized by the American academic Clayton Christensen and his collaborators beginning in 1995, but the concept had been previously described in Richard N. Foster's book "Innovation: The Attacker's Advantage" and in the paper Strategic Responses to Technological Threats.
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
Research and development, is the set of innovative activities undertaken by corporations or governments in developing new services or products, and improving existing ones. Research and development constitutes the first stage of development of a potential new service or the production process.
One of the major subfields of urban economics, economies of agglomeration explains, in broad terms, how urban agglomeration occurs in locations where cost savings can naturally arise. This term is most often discussed in terms of economic firm productivity. However, agglomeration effects also explain some social phenomenon, such as large proportions of the population being clustered in cities and major urban centres. Similar to economies of scale, the costs and benefits of agglomerating increase the larger the agglomerated urban cluster becomes. Several prominent examples of where agglomeration has brought together firms of a specific industry are: Silicon Valley and Los Angeles being hubs of technology and entertainment, respectively, in California, United States; and London, United Kingdom, being a hub of finance.
Ecological modernization is a school of thought that argues that both the state and the market can work together to protect the environment. It has gained increasing attention among scholars and policymakers in the last several decades internationally. It is an analytical approach as well as a policy strategy and environmental discourse.
The concept of the innovation system stresses that the flow of technology and information among people, enterprises, and institutions is key to an innovative process. It contains the interactions between the actors needed in order to turn an idea into a process, product, or service on the market.
Diffusion of innovations is a theory that seeks to explain how, why, and at what rate new ideas and technology spread. The theory was popularized by Everett Rogers in his book Diffusion of Innovations, first published in 1962. Rogers argues that diffusion is the process by which an innovation is communicated over time among the participants in a social system. The origins of the diffusion of innovations theory are varied and span multiple disciplines.
Carlota Perez is a British-Venezuelan scholar specialized in technology and socio-economic development. She researches the concept of Techno-Economic Paradigm Shifts and the theory of great surges, a further development of Schumpeter's work on Kondratieff waves. In 2012 she was awarded the Silver Kondratieff Medal by the International N. D. Kondratieff Foundation and in 2021 she was awarded an Honorary Doctorate by Utrecht University.
Induced innovation is a microeconomic hypothesis first proposed in 1932 by John Hicks in his work The Theory of Wages. He proposed that "a change in the relative prices of the factors of production is itself a spur to invention, and to invention of a particular kind—directed to economizing the use of a factor which has become relatively expensive."
The Collingridge dilemma is a methodological quandary in which efforts to influence or control the further development of technology face a double-bind problem:
Technological change (TC) or technological development is the overall process of invention, innovation and diffusion of technology or processes. In essence, technological change covers the invention of technologies and their commercialization or release as open source via research and development, the continual improvement of technologies, and the diffusion of technologies throughout industry or society. In short, technological change is based on both better and more technology.
The difference between material culture and non-material culture is known as culturallag. The term cultural lag refers to the notion that culture takes time to catch up with technological innovations, and the resulting social problems that are caused by this lag. In other words, cultural lag occurs whenever there is an unequal rate of change between different parts of culture causing a gap between material and non-material culture. Subsequently, cultural lag does not only apply to this idea only, but also relates to theory and explanation. It helps by identifying and explaining social problems to predict future problems in society. The term was first coined in William F. Ogburn's 1922 work Social Change with Respect to Culture and Original Nature.
User innovation refers to innovation by intermediate users or consumer users, rather than by suppliers. This is a concept closely aligned to co-design and co-creation, and has been proven to result in more innovative solutions than traditional consultation methodologies.
Hypercompetition, a term first coined in business strategy by Richard D’Aveni, describes a dynamic competitive world in which no action or advantage can be sustained for long. Hypercompetition is a key feature of the new global digital economy. Not only is there more competition, there is also tougher and smarter competition. It is a state in which the rate of change in the competitive rules of the game are in such flux that only the most adaptive, fleet, and nimble organizations will survive. Hypercompetitive markets are also characterized by a “quick-strike mentality” to disrupt, neutralize, or moot the competitive advantage of market leaders and important rivals.
Service innovation is used to refer to many things. These include but not limited to:
Dominant design is a technology management concept introduced by James M. Utterback and William J. Abernathy in 1975, identifying key technological features that become a de facto standard. A dominant design is the one that wins the allegiance of the marketplace, the one to which competitors and innovators must adhere if they hope to command significant market following.
Knowledge spillover is an exchange of ideas among individuals. Knowledge spillover is usually replaced by terminations of technology spillover, R&D spillover and/or spillover (economics) when the concept is specific to technology management and innovation economics. In knowledge management economics, knowledge spillovers are non-rival knowledge market costs incurred by a party not agreeing to assume the costs that has a spillover effect of stimulating technological improvements in a neighbor through one's own innovation. Such innovations often come from specialization within an industry.
Technology, society and life or technology and culture refers to the inter-dependency, co-dependence, co-influence, and co-production of technology and society upon one another. Evidence for this synergy has been found since humanity first started using simple tools. The inter-relationship has continued as modern technologies such as the printing press and computers have helped shape society. The first scientific approach to this relationship occurred with the development of tektology, the "science of organization", in early twentieth century Imperial Russia. In modern academia, the interdisciplinary study of the mutual impacts of science, technology, and society, is called science and technology studies.
Technological transitions (TT) can best be described as a collection of theories regarding how technological innovations occur, the driving forces behind them, and how they are incorporated into society. TT draws on a number of fields, including history of science, technology studies, and evolutionary economics. Alongside the technological advancement, TT considers wider societal changes such as "user practices, regulation, industrial networks, infrastructure, and symbolic meaning or culture". Hughes refers to the 'seamless web' where physical artifacts, organizations, scientific communities, and social practices combine. A technological transition occurs when there is a major shift in these socio-technical configurations.
The sociological theory of diffusion is the study of the diffusion of innovations throughout social groups and organizations. The topic has seen rapid growth since the 1990s, reflecting curiosity about the process of social change and "fueled by interest in institutional arguments and in network and dynamic analysis." The theory uses a case study of the growth of business computing to explain different mechanisms of diffusion.