Future Challenges for Management of Technological Innovation
Five specific management challenges for the future that is technology-based competition in the knowledge economy, the new innovation process, relationship with government, science and basic research and the globalization of science and technology.
Managing technology based competition in the knowledge economy. The pace of technological change will continue to be rapid. It follows that there will continue to be an extended range of new business oportunities. These change in techno economic paradigm and in the posibilities for technology fusion provide many challenges and opportunities for business.
The capacities of IT to share information more quickly and growing extent of ive globalization, both features of the knowledge economy, will make the effect and efficient use of technological innovation even more important sources of competitive advantage in future.
Managing The New Innovation Process. One major characteristic of the fifth-generation innovation process is its increased ‘automation’ (rothwell, 1994). Companies will utilize linked computer integrated manufacturing system integrating all elements of design and manufacturing. That will assist with and add to the complexity of the process of innovaton. This complexity occurs in a number forms.
Managing Relationship with government. Government play an important role in MTI. The regulations they establish strongly influence MTI practices. The quality of intellectual-property protection they provide stimulates investment in R&D and in overseas technology investments.
Managing Science and Basic Research one of the most important roles of government in relation to MTI, and in the knowledge economy in relation to its overaching objectives of fostering economic and social development, is the encouragement of basic research.
Managing Global Science and Technology. Many of major future challenges facing MTI are in its global management. One issues of organizing international R&D and determining the extent to which creation and production of product families globalized. Another major management problem and one addressed here is the question of which countries are the most important contributors and to beneficiaries from globalization.