Technological innovation is the economic function through which new technologies are introduced into production and consumption.

What is the role of technology to innovation?

Innovation only happens when you use technology to provide a real or perceived value to your customer. There are two primary uses for technology in business: to meet the status quo (web site), and to create something new that moves the business forward (innovation).

What is technology based innovation?

1. This type of innovation represents firms that adopt new and advanced technologies (state-of-the-art). It improves customer benefits relative to existing products for customers in existing markets.