Tech innovation refers to the development of new or improved technologies, tools, systems, and processes that introduce significant changes in products, services, and business models. This can improve performance and delivery value to customers, drive productivity gains in the company, or open new markets. It’s often seen as an important driver of economic growth and social progress.

Technology innovation involves a complex interplay between science and the commercial, strategic, and organizational aspects of business. The process typically starts with basic scientific research, progresses through technological innovations, and leads to the production of commercial products and services. This process is typically characterized by a wide variety of participants, including scientists, engineers, design professionals, marketing experts, users and customers, providers of complementary products and services, and so on.

It’s essential to create a robust innovation strategy. A well-defined strategy can help businesses select the right technologies, prioritize their adoption, and implement them successfully. It also helps to plan for the required resources, such as human and financial capital, and enables the organization to establish milestones and deliverables for successful outcomes.

To succeed, a technology needs to be easy-to-use and solve real problems for people. For example, the first electric cars were impressively technical but didn’t gain traction until companies like Tesla made them practical and affordable. This is what defines true innovation—making an invention useful, attractive, and widely accepted. This is why it’s so important to make sure that technology innovation initiatives are well-designed, based on customer or user needs, and backed by clear business goals.