We look at two issues of technology in this article. Firstly, we look at the issue of technical know-how, what it is and where to get it. Secondly, we look at the promise of emerging technologies.
Other pages under this section discuss emerging technologies and other issues. Click the link above to see brief outlines of these topics.
Whether you are producing a product or rendering a service, you need technical know-how. Technical know-how can be as simple as the skill to paint a house in a way that satisfies your customer, or as complex as designing and developing a satellite that can map the earth.
Except where the know-how consists of some simple skill, the technical process is typically documented in detail specifying some or all of the following:
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Technical know-how needs to be supplemented with effective marketing and overall administration to create a business.
Acquiring technical know-how might involve nothing more than getting some training under an experienced practitioner. In typical cases, however, you might have to get it from one of the following sources:
Except in cases where you get proven production know-how with full documentation, you might need to scale up and commercialize the technical know-how before starting production operations. Commercialization of new know-how is a big topic that we will discuss separately.
The acronym NBIC stands for the emerging technologies of Nanotechnology, Biotechnology, Information technology and Cognitive science. These technologies have the potential to change the world as we see it. If this potential is realized, it will become possible to eliminate things like hunger and poverty from our world.
These emerging technologies also become significant in the context of many factories based on traditional technologies moving from developed countries to the third world. Old technologies cause significant degrees of pollution. Additionally, the lower labor costs in the third world make it possible to gain a competitive edge by moving the factories to these destinations.
Developed countries have better infrastructure and qualified persons to develop the emerging technologies into new kinds of businesses. We look at the technologies and their business possibilities in separate articles (see below).
Nanotechnology involves working at atomic and molecular levels and the achievements in this field have so far been only very small. However, if the technology proves safe and practical, it can deliver fantastic results.
Biotechnology works at cellular level, studying and/or modifying natural genetic characteristics. This has proved useful in medicinal, agricultural and other fields.
Whether it is simple word processing or computerized accounting, or complex Computer Numerical Control (CNC) machining or huge networks spanning the globe, information technology has become an essential component of doing business today.
Cognitive science seeks to understand how human mind works. Using its findings to manipulate consumer perceptions can give rise to ethical questions. On the other hand, using it to make learning and skills development easier is likely to be welcomed.
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.
Is innovation magic, luck, or just another process to be managed? Are innovators born or taught? Written by one of the technology industry’s most respected entrepreneurs and innovators, Closing the Innovation Gap answers those and other important questions for business leaders, entrepreneurs, public policy makers, academics, and anyone interested in America’s future.
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