Create a 10 pages page paper that discusses how emerging technologies can affect an industry. This study, therefore, seeks to explore the various factors affecting the spread of emerging technology-based firms within the current global economic climate. The study will nevertheless focus on the changes within the telecommunications sector which are quite significant amongst other emerging technologies whereby the traditional phone companies were definitely dislodged by emergent firms riding on fresh innovative gadgets that are able to integrate the latest features while being relatively inexpensive compared to the conventional sets.
The Mack Center for Technological Innovation at the Wharton School describes emerging technology as ‘a science-based innovation with the potential to create a new industry or transform an existing industry’ (Mack Center, 2010). These include sole inventions like fiber-optics or series of innovations that assemble or create hi-tech structures like the internet.
Although new technologies emerge as amazingly fresh changes, they are nonetheless the product of many years of research by scientists who labor to master the products. Paradoxically, although they may later be unequivocally praised, these fresh radical technologies are sometimes pessimistically viewed with most investors shunning them as too futuristic and unworkable. Wireless technology and digital photography are some of the fresh innovations that were initially viewed with widespread skepticism.
To finally introduce these fresh technologies in the market, the Mack Center outlines three phases that they must undergo. These include: scientific progress or penetration, procedural execution (as well as appraisal), and business introduction. The unearthing of giant magnetoresistance (GMR) in the 1980s has yet to be fully realized despite the huge potential in revolutionizing the computer hardware components like the hard disk and memory cards in the high precision nanotechnology or miniaturization based science now known as spintronics.