Advancements Between Innovation And Technology

Advancements in technology have fundamentally changed our personal, professional and digital lives over the past decade. It has changed how we share information and how we communicate. True enough, technology is strongly linked with innovation; but what is the main difference between innovation and technology? Innovation is mainly the action or process of creating something from the unknown meanwhile, technology is the application of the known with the help of machinery and devices. Now, we have the technology, the question is how are we going to apply these technologies?

According to Bastion (2013), new markets and industries are emerging as technology and mobile internet services are easily accessible. While many different industries
It is situated in the Bay Area of San Francisco and with the pool of new ideas and effective funding, many new industries were born there, with 6000+ start-ups and 300+ new companies are founded each year and are financed with at least two million dollars ($2 Million) each. Furthermore, Silicon Valley is one of the best places to start a company. According to an article entitled Why Location Matters to Start-up Success by Ashleigh Harris (2017), there are three major needs to a start-up: funding and mentorship, team, and clients. To discuss each further, a startup can’t begin without a secured funding and very few locations offer easy access to these funds. Now that is where the venture capital industry comes in - venture capital is financing that is provided by investors to start-up companies with great potential. The more VCs in the area, the bigger the probability that someone sees potential in your vision. According to Harris (2017), this is the reason why technology start-ups would do well if they choose to start in Silicon Valley which is branded as the land of incubators and angel investors; other than that, the Bay Area is home to many experienced mentors. Second, building a team is just as crucial and without a doubt, Silicon Valley is very
(Baron, 2016) However, many reports have indicated that the world’s leading innovation region is going through a challenging period now. There are in fact rumors that some companies are offering thousands of dollars to employees to encourage them to move somewhere more affordable. Their problem seems to be one of the most crucial elements in a smart city - mobility. They have designed buildings as objects and representations of the virtual world most have created, but these objects have no relationship to their surroundings. They have created workplaces on isolated suburban tracts which guarantee long commutes. Silicon Valley has many hidden assets which are hard to access without a car. Silicon Valley is so car-dependent that Apple has an almost 1:1 ratio of office to parking. In addition, only 21 percent of Bay Area jobs are within a half-mile of a rail station.