Technology and Innovation

Assignment 2: Technology and Innovation

Tyrone Croutch

Bus 363

BIRMINGHAM, CAROLYN

November 1, 2012

Analyze major technological innovations from the last five (5) years to determine the most significant innovation for entrepreneurs. Provide specific examples of how this new technology has encouraged new business creation or growth.

The last decade has seen a growth of innovative ideas. From Facebook, Twitter, Square, Smart Phones, Wi-Fi, GPS to even Google the scene of the world has changed dramatically. Facebook along with Twitter are part of this social media craze that is taking place in the world right now. Social media has opened up a world of opportunities for Entrepreneurs.

Because of mediums like Face Book and twitter an Entrepreneur can now reach thousands if not millions of customers. Advertising and Marketing has significantly increased while the price tag has decreased when these mediums are used appropriately. The examples that I provided above are all technological advances that have contributed greatly to the world of business.

Businesses processes continue to change and organizations have become more efficient. At the same time, technology has opened lines of communication, allowing businesses to communicate and collaborate beyond borders. Collaboration is the future of business competitiveness as companies become more innovative and connect to people better in the marketplace of today’s global economy.

These technological advances have made businesses faster, has enabled more collaboration, thus allowing buyers and sellers from around the world to connect and do business. Technology has also