New technologies provide new opportunities for small businesses. Less bureaucratic than huge corporations, these small businesses can take quick decisions to work on these opportunities. In fact, businesses like Amazon and eBay were small businesses that grew by leveraging the potential of Information Technology.
This page comes under the section Technology for Business.
As outlined in the Information Technology article, IT offers innumerable business opportunities. This includes direct IT business opportunities such as freelance programming, data recovery services, component manufacturing and Web services. Additionally, IT enables small businesses to market their products with unprecedented convenience and reach, and even develop new models to do old kinds of business.
Biotechnology is another field that provides many business opportunities, as outlined in the separate article. Nanotechnology and Cognitive Science might also provide increasing business opportunities.
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Businesses based on traditional manufacturing technology are facing challenges from low cost producers in the third world. However, certain manufacturing businesses might be more viable if done locally, as when transportation accounts for most of the costs (e.g., aggregates for construction industry). Also, process improvement methods like Lean Manufacturing (where all kinds of waste is sought to be eliminated) might enhance the viability of even other kinds of manufacture.
Commercialization of new technology is not a simple thing. You have to do several things like:
Commercialization is a task for specialists in that field. If you are a small business, it is best that you seek the help of government support agencies that specialize on this task.
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Have a great idea for new technology? Let this expert guide be your blueprint for successful entrepreneurship—from building an innovation team to bringing a product to market. Commercialization of Innovative Technologies takes you through the complete lifecycle of product innovation, including screening, funding, development, and commercialization.
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