Innovation means technological change. The technology change results in practical implication or commercialization, it does not mean just generation of ideas. The importance of technological innovation in today’s competitive economy is very clear, as today the worldwide economy depends on technology and technological innovation to an extraordinary degree.
Technological innovation plays important role in the economical growth of any country. Us, Japan, and other European countries are developed only due to there technological progress. In recent years, Singapore, India, China and many other countries are advancing dramatically due to technological innovations and progress. High technology companies are a significant and growing component of the economy. The competitive of these companies depends on technological innovations. Innovations improves standard of living. Developments in medical and pharmaceutical technologies have delivered extensive returns in health and life span.
Technological innovation involves tech mining. Tech mining includes understanding the technological innovation processes to track them more effectively and get informed about latest happenings and make valuable business decisions about R&D and subsequent implementation and adoption choices.
Innovation is defined as the process by which technological ideas are generated, developed and transformed into new business products, process and services that are used to make a profit and establish marketplace advantage. A better understanding of the innovation process is essential to figure out empirical measures deriving from innovation activities to generate actionable technological intelligence.
Tech mining is done through data or information extraction from multiple data sources, compilation and analyzing the results and represents key findings in actionable visual representation for easy understanding to what is happening now and predicting the future technologies.