Innovation in action:
The Innovation of Social Networking Sites
Throughout the last decade innovation has been the life line to development of immense new products and a better standard of living. These products have ranged from the development and expansion of the internet to more simple products such as the mach 3 shaver. In one way or the other these products have transformed the way we ultimately live and operate. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. It is nearly impossible to find an industry that is not engaged in continuous or periodic innovation and reorientation due to the dynamic nature of most markets. Innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century (Breschi, S; Malerba, F 2005).
We begin by taking an in depth look at innovation; How it is defined, its types, models, and its social impact. Following this, we review the link between Innovation and that of social networking sites. Attempting to do so we will define what Social networking sites are, discuss their origin stemming from the internet, their history, key features and the future of the global phenomenon.
Innovation in my perspective is the ability to make ones imagination become tangible. Most definitions of innovation, whether from academic sources or individual opinions, emerge to have a common knowledge.
One of the earliest definitions of Innovation appears to be that of economist Joseph Schumpter. In the 1930’s he drew attention to the importance of innovation. He defined five types: • Introduction of new product or qualitative change in an existing product • Process innovation new to an industry
• The opening of a new market
• Development of new sources of supply of raw materials or other inputs • Change in industrial organisation (OECD, 1997, p.28)
Landau, R., Rosenberg, N. (1986) give explanation that since innovation by definition involves the creation and marketing of the new, these gauntlets singly and in combination make the outcome of innovation a highly uncertain process. They go onto explain that the effects of innovation can be difficult to measure as there is no single dimension to it. Although innovation is usually viewed as a new product it can also be a new process of production, the substitution of cheaper material which has been newly developed for a particular task to be used for an essentially unaltered product, an improvement of methods or mechanisms or simply the reorganisation of production, internal functions or distribution arrangements. The vital point is that the transformation process is one which unavoidably, intertwines technological and economic considerations.
Technological Innovation which is a unique chronological process involving science, technology, economics, entrepreneurship, and management is the medium that translates scientific knowledge into the physical realities that are changing society. This process of technological innovation is the heart of the basic understanding which the competent manager, the effective technologist, the sound government official and the educated member of society should have in the world of tomorrow (Bright, 1986). According to (Twiss, 1986) Technology has been and will remain the prime stimulus for change in our society, yet it is over the past two centuries the application of technology within the industry has become a major force in society. Research and development as we know it today, absorbing a sizeable proportion of corporate funds, is much more recent and is mainly a post-second world war phenomenon.
Types of Innovations
There are several types of innovation. According to Abernathy and Clark (1985) innovations vary in the degree of radicalness of their outputs, which may involve changes in the underlying...
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