Question

Technology innovation is an extended concept of innovation. Technological innovation, however focuses on the technological aspects of a product or service rather than covering the entire organisation business model. There are both advantages and disadvantages of Technology innovation. Briefly present these adavantages and disadvantages.

Answer 1

Advantages of technology innovation:
By this the productivity gets increased with the users or customers getting benefitted with new, advanced and improved goods and services that will improve the standard of living of people. With the innovation cheaper and better products will be available for the poor people also. This gives rise to the innovation and entrepreneurship among the people.
Disadvantages of technology innovation:
The innovation can take a lot of time to get implemented. Technology innovations are sometimes so costly. Have to waste our raw materials and resources on something that is not going to be used again. In the starting phase, we cannot start production in large scale as it takes time to get fixed in markets. The risk of failure is there. If the product or service couldn't satisfy customers need then then it will have a bad impact on the organization. The technology innovation doesn't think about the organisation business model.