Technological innovation

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Technological innovation is an extended concept of innovation. While innovation is a rather well-defined concept, it has a broad meaning to many people, and especially numerous understanding in the academic and business world.^[1]

Innovation refers to adding extra steps to developing new services and products in the marketplace or in the public that fulfill unaddressed needs or solve problems that were not in the past. Technological Innovation however focuses on the technological aspects of a product or service rather than covering the entire organization business model. It is important to clarify that Innovation is not only driven by technology, but can also be driven by various other factors, including market demand, social and environmental factors, and process improvements.