Technological innovation is really an extended term of innovation. It’s also commonly known as technological change, progressive innovation, or perhaps structural innovation. Technological change is also a very broad concept, and, while innovation is generally a well-defined idea, it has a very wide meaning to so many individuals, particularly in the business and academic worlds. For instance, some economists believe that we’re currently in the “rigerator” stage of innovations – meaning we’ve been in that stage for about 150 years. Further, one of the great things about this definition of innovation is that it applies to just about everything in and of itself.
Innovation is usually defined as the introduction of something new and useful. This could mean the introduction of new and better ways of doing things, or it could mean that you get to replace your old computer with a new one that is better or faster than what you had before. Some economists define innovation more along the lines of “change for the sake of change” versus “change because of need.” In other words, change for the sake of change is what economists would call a non-rivalrous good, like an innovative technology that eliminates the need to compete with others. If you can see this kind of philosophy at work, then you can probably understand how a small business might seek to use innovative technologies to compete or become more efficient.
However, many traditional economists argue against the idea that innovations are always good, especially when those innovations are of the technological nature. The basic argument of economists against the use of innovative technologies in small business is that, because innovations tend to cause increased efficiency rather than increased productivity, consumers tend not to fare well as a result. Indeed, there are plenty of examples of this that we’ve all heard over time. For instance, the Ford Motor Company once created the Ford Model T, a small car that was itself almost completely automated, until later attempts to automate more complex automobiles ended in disaster.
One of the most common arguments against innovative technologies is that, because they tend to lead to increased efficiency rather than increased productivity or income, consumers end up paying more for them. Economists counter that consumers, through their desire to save money, will ultimately be forced to pay for any increase in product value. This being the case, the innovation technologies thus tend to create more wealth for the owners of the industries that utilize them, creating more employment in the process. The upshot of this, it is argued, is that consumers have the final say on any matter of technological advancement.
Another argument against these technologies is that the future will find them operating in a virtual reality. In other words, researchers and developers are building augmented reality goggles that allow you to look as if you are in a virtual reality environment, walking through the streets of your own home city or indeed walking through the streets of the world at large. Suddenly, those who once feared the integration of computers into the real world will be able to go virtually look around, survey the landscape and determine where improvements need to be made. And indeed, it seems that the future may indeed see augmented reality technology has become a common feature of the modern age.
Of course, the case against these kinds of innovative technologies can be made on many different levels. And perhaps it is this variety of level that gives such developers and researchers so much room for creativity and so much room for the creation of fantastic products and experiences. After all, if we consider the history of science, we see a constant stream of new and inventive technologies emerge along with the discoveries of scientific principles. And it seems inevitable that we will continue to see such innovations and breakthroughs in the future.
The emergence of the Internet and its subsequent use as a global information source has marked the advent of the Information Age. And while many people still consider Internet-based applications to be a waste of time and a distraction from their lives, the potential applications for virtual reality seem endless. Consider, for example, the possible applications of such technology for things like tourism and adventure travel. By creating environments that truly feel as though they are far away from home, travelers will be able to enjoy the natural beauty of the far off lands while still experiencing the conveniences of modern life. In fact, virtual reality could even lead people on spiritual quests, allowing them to experience things like lucid dreaming and out of body experiences.
Innovation and exploration of the possibilities of the future will only be possible if people can trust that the latest innovations will create meaningful results. And that certainly requires that people open their eyes to the opportunities and possibilities of the future. With the help of virtual reality technologies and augmented reality software, this can happen. And for that reason, virtual reality could very well be the key to the future.