Technology and innovation are closely related terms that are frequently used interchangeably. However, there is a small distinction between the two.
- Technology is the application of scientific knowledge to practical situations. It entails developing new products or services that use this expertise.
- Innovation refers to the introduction of new ideas or processes. It uses fresh ideas or ways to solve issues or improve current systems.
Technology and innovation are critical to economic growth and progress. They enable firms to develop new products and services, resulting in higher productivity and profitability. Furthermore, they enhance the quality of life by providing novel answers to real-world challenges.