Innovative entrants.
According to conflict theory, social groups have constant competition over limited resources. Similarly, there is constant competition in various aspects of the economy in the business world. Every day the world is growing in size, in technology, and in different aspects of the economy. It is argued that growth is both positive and negative, which does not affect the argument that all aspects of the world are changing by the day. Putting our focus on technology and innovation. We find that the first generation computers are way different and hectic to use significantly compared to the computers we currently use in our places of work and areas of study. It was a progressive development from the first generation, second, third, and the subsequent innovations concerning computers until the current ones, and the innovation has not stopped. There is still ongoing research to make them better and extra comfortable to use (Winter et al., 2000).
An entrant is a person or group taking part in something. Therefore an innovative entrant is an individual or group taking part in innovation. Going back to the conflict theory, people are constantly competing for the available resources. Everyone is trying to be the best in several aspects of a community because the powerful will rule the poor. The market is also driven by customers’ activities concerning competitors and suppliers’ input. This competition is what sparks innovation. The desire to be better than the other, the need to produce a better product than your competitors, and the need to make life better appear at the top of the innovation table. The primary factor that leads to the rise of innovation or innovative entrants is the need to be at the top of the business world.
About the above explanations, we will recognize innovations as their innovative entrant will be acknowledged when he is at the top of the innovation or if his innovation is the latest in that particular market. For example, the iPhone company has iPhone 13 pro max as one of their latest innovations in the market. This makes its innovators be at the top of the innovation ladder.
The demise of an innovative entrant is also affected by the same factors that caused his rise, competition. Innovative entrants’ rise and fall are affected by the same reason. The first generation computer was introduced between 1946-1959 by J.P.Eckert and J.W. Mauchly. At that moment, they were at the top of the innovative table; they were the risen innovative entrants at that age and period. In (1960–1964) the second generation computers built by Walter H. Brattain, John Bardeen, and William B came to the market slowly, leading to the demise of the first generation computer as the second generation computer creators came to light rose high at the top of innovations (Rothwell, 1994). Right now, we are in the fifth generation of computers, and its relative creators are the ones extensively recognized in the innovative ladders.
From the explanation, technology is significantly advancing, and generally, innovations are also greatly advancing. Stiff competitions in markets today lead to innovations developed by the day. The innovator’s rise and demise is a short time frame for his subsequent competitors in their workshops trying to work and come above the current booming innovation. Therefore, the rise and fall of innovative entrants are based on competition and the market (Breschi & Malerba, 2010).
References
Breschi, S., & Malerba, F. (2010). Survival of innovative entrants in knowledge-based sectors | Stefano. Taylor & Francis. https://www.taylorfrancis.com/chapters/edit/10.4324/9780203857403-15/survival-innovative-entrants-knowledge-based-sectors-stefano-breschi-franco-malerba
Rothwell, R. (1994, February 1). Towards the fifth‐generation innovation process. Discover Journals, Books & Case Studies | Emerald Insight. https://www.emerald.com/insight/content/doi/10.1108/02651339410057491/full/
Winter, S. G., Dosi, G., & Kaniovski, Y. M. (2000). Modeling industrial dynamics with innovative entrants. ScienceDirect.com | Science, health and medical journals, full text articles and books. https://www.sciencedirect.com/science/article/pii/S0954349X99000107
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