Burgelman, et. al, define technology as the theoretical and practical knowledge, skills, and artifacts that can be used to develop products and services as well as their production and delivery systems. It can be embodied in people, materials, cognitive and physical processes, plant, equipment and tools (Burgelman, Christensen, & Sheelwright, 2004). Advances in technology have presented opportunities for organizations to evolve in productive and innovative ways. For example, when the mortgage crisis hit the nation in 2008, the mortgage and loan company I was employed at for nearly a decade, suffered bankruptcy and shut down. However, because of high speed internet and the ability to share documents, my former colleagues, with whom I have established trustful working relationships, have found a way to continue to work together in a virtual environment.
According to Tidd and Bessant, innovation is driven by the ability to see connections, to spot opportunities and to take advantage of them offering new ways of serving established and mature markets (Tidd & Bessant, 2009). In addition, because of advances in technology, more entrepreneurs are hosting webinars as a means to connect with potential clients. Advances in electronics and internet access have opened opportunities for people with electronic devices to attend informative and training classes online (some free of charge) for various reasons that include: career advancement, self-help and healing purposes; and educational training. The advantage to webinar hosts is an opportunity to reach out to consumers, build their clientele list, and open an opportunity to sell their products or encourage people to sign up for future classes and training courses.
Other innovations and advances in technology now allow entrepreneurs to produce their own products at a fraction of the price. For instance, with the rise in popularity of tablets and notebooks, EBooks have become a more popular format in book sales because it offers consumers their favorite literature at more affordable prices. Individuals who own desktop publishing software for example, can now write and produce their own EBook merely by opening a file, laying out the design, pouring in the text and formatting, then doing a “save as” in an electronic device format. It has never been easier to produce a book! Innovations in technology have given entrepreneurs more tools to help grow their businesses.