Do you feel that countries and companies need explicit strategies for technology development, given the tremendous amount of largely spontaneous creativity that occurs today, often in areas where new technologies are not expected to exert a great influence. Why or why not?
Requirements: .doc file | APA | Discussion | 1 pages, Double spaced
One of the most significant external factors that affect business and a country’s success is technology. Adopting the right technology at the right time can be a breaking point to market leadership for companies. However, not all technologies have a significant effect on a country, market or industry. Having an innovation or tech strategy is essential in helping businesses and nations determine the relevant and necessary technologies for their growth. Müller, Buliga & Voigt (2020) note that companies can be caught up in the trap of tech upgrading, which can prove costly in time and resources. However, these negative occurrences are avoidable when firms develop a clear strategy for technological advancement.