Introduction

Abstract

Technology is defined as the processes by which an organization transforms labor, capital materials and information into products and services of greater value. All firms have technologies. Innovation refers to a change in one of these technologies. So spectacular was the wave of innovation in the late 19th century that the Commissioner of the United States Office of Patents recommended in 1899 that the office be abolished with the words ‘Everything that can be invented has been invented.’ History is littered with such predictions about technology, and with companies that failed to stay on top of their industries when confronted with changes in markets and technologies.