What Is the Meaning of Technology?
“Technology in the long-run is unrelated”. That is what my customers told me when I made a presentation to him involving new products. I had been talking about the product’s features and advantages. That is when he made his declaration. I understood later that he was correct, at least within the framework of how I used “Technology” in my demonstration. But I considered whether he could be right in other contexts as well.
What is Technology?
Wikipedia describes it as:
Technology is the exploring, innovation, modification, development usage, and expertise of tools, machines, techniques, crafts, programs, and methods of organization, in order to solve a issue, improve a preexisting solution to a difficulty, achieve a goal, handle an applied input/output respect or perform a specific application. It can also consult to the collection of such tools, such as machinery, adjustments, arrangements and methods. Technologies substantially affect human as well as other animal species’ skill to control and adapt to their natural environments. The phase can either be utilized generally or to particular areas: examples include building technology, healthcare innovation, and information technology.
Technology is an enabler
Many people incorrectly believe it is a technology which drives innovation. Yet from the descriptions above, that is not the case. It is a possibility which defines development and technology which enables innovation. Think of the classic “Build a better mousetrap” example instructed in most business schools. You might have the technology to establish a better mousetrap, but if you have no rats or the old mousetrap works well, there is no chance, and then the technology to build a better one becomes unnecessary. Nevertheless, if you are flooded with mice, then the opportunity exists to innovate a product utilizing your technology.
Another example, one with which I am intimately aware, are consumer electronics startup companies. I’ve been associated with both those that excelled and those that failed. Each held unique leading-edge technologies. The difference was an opportunity. Those who are unsuccessful could not find the opportunity to build a meaningful innovation using their technology. To survive, these companies had to transform frequently into something different, and if they were blessed, they could take advantage of derivatives of their original technology. More often than not, the unique technology wound-up in the scrap heap. Therefore, it is an enabler whose perfect value proposition is to make improvements to our lives. To be associated, it needs to be applied to create innovations that are driven by opportunity.