TECHNOLOGY LIFE CYCLE
TECHNOLOGICAL CHANGE
Technological growth is the result of new inventions and
innovations. Every invention is something new and in most cases it is a
combination of already existing technological elements. An invention becomes
innovation when applied for the first time. An innovation which has little
disruptive impact on behaviour pattern is called a continuous innovation
(e.g. fluoride tooth paste). In such cases alteration of an existing product
rather than creation of a new product is involved. There are also dynamically
continuous innovations which do not involve new consumption patterns but
involve the creation of a new product or the alteration of the existing one
(e.g. electrical tooth brush). Further, there are discontinuous innovations,
which involve the establishment of new behaviour patterns and the creation of
previously unknown products such as automobiles, televisions, computers etc.
The process of technological change is clearly linked to
innovation. Technological change occurs through substitution and diffusion. The
simplest form of technological substitution occurs when a new technology
captures over a period of time a substantial share of the market from an
existing older technology. The new technology is better and economically more
viable. Thus after it has gained small market share, it is likely to become
more 'competitive with time. Therefore, once a substitution has begun, it is highly
profitable to eventually take over the available market. This is a simple
one-to-one technological substitution process.
There is a broad spectrum of factors, which can have an impact
on the process of substitution and diffusion. These can be broadly classified
into (a) factors affecting the demand for a technology; and (b) factors
affecting the supply of a technology.
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TECHNOLOGY LIFE CYCLE
The life span of various technologies can be conveniently
identified as consisting of four distinct stages, all of which taken together
form the ’Technology Life Cycle'. The stages of technology life cycle
are innovation,
syndication, diffusion, and substitution.
