Question

1. Discuss What is the Role of Technology and Big Data in Innovation & Entrepreneurship

Answer 1

Technologies are 'laws and ideas regulating the manufacture of products and services.' Technological innovations are new rules and concepts on how and what to make. Technological advances emerge when new laws and concepts are applied and/or commercialized by entrepreneurs and find practical application.

Today we live in a 'age' of technology and a global economy where competition has become based on knowledge. Technological progress has taken center stage in current ideas about growth and development. Therefore our love for novelty and new gadgets is based on practical and theoretical grounds. In addition , the relationship between technological innovation (and entrepreneurship) and how it can promote global growth and development is becoming increasingly of interest.

Entrepreneurship in technology is a vehicle that favors prosperity in individuals , firms, regions , and nations. Therefore, the study of technology entrepreneurship serves an important function over and above satisfying intellectual curiosity.

Companies may use analytics to deliver new goods , services, or processes to their current partner network, such as providers. For example, a company might give suppliers and partners analytics to help them make better choices. "In another sense, with the Internet of Things, businesses almost always have to exchange sensor data with their ecosystems and set standards to incorporate and evaluate the information;

Innovation in product performance: While product innovation hasn't traditionally involved analytics, this is changing now that different devices come with the ability to track the wearer's physical movements.
Innovation in the product system: An company and its partner network can use analytics to sift through the enormous amount of data that sensors generate. Innovation in service: Analytics will drive or calculate the innovation in service, the article states. Companies that create complex products such as cars, computer hardware or jet engines may use analytics to track how the devices work and predict when maintenance will be needed.