What drives technological advancement? The answer is simple: it’s what drives business. Think about it. Business is all about what drives a person to make a decision. In essence, business is the process of acquiring new information and applying it to solve some problem. The process doesn’t end with obtaining a solution – it ends when you deliver the solution.
What drives technological development is therefore globalization, which refers to changes that occur in domestic markets as well as internationally to the extent that products and services are generally more readily available to a larger segment of the population than would have been available if the changes were localized. Examples include the opening up of trading relations with China, or India, or Brazil. At the same time, some people might question the ability of Chinese or Indian goods to perform better than those made domestically. The answer is simply that the nature of the competition allows for better quality products at a lower price.
How do domestic markets respond to globalization? They respond to it by offering more competitive pricing, enhanced services, and a business model that are more globally competitive. If you want to create a service that can go worldwide, then you will need to consider implementing a disruptive innovation strategy. This strategy takes innovation from the consumer’s personal computer to his/her cellular phone, from his/her desktop to the Internet, from his/her car to his/her office, etc.
What drives technological advancement? The key enabler is education. The most successful innovations, like cell phones and computers were developed not by businesses operating in their own markets but by companies with nationalistic objectives. A common theme throughout the history of technological innovation is the rise of democratic governments that promoted the spread of knowledge across the economy. When the general public can access information at the speed of instant messaging, and scientists and researchers can access research at the speed of digital transmission, it is easy to see how information and communication activities associated with technological advancement happen.
In what follows we will discuss three types of processes that drive technological advancements. The first category, of course, is the primary sector. In the U.S., this refers to the producers and suppliers of the primary goods and services associated with technological progress. The U.S. firms that dominate primary sector markets are generally considered to be the global leaders. The second sector, the secondary sector, consists of the suppliers and manufacturers of those goods and services that are not associated with primary production and sales.
What does this analysis suggest for the United States? The analysis indicates that there is a powerful economic interest in promoting the diffusion of innovation across the economy. The United States is an open society. As such, we allow free and open innovation to occur. That means that we welcome the innovation-friendly policies of other nations, including those in the European Union. However, there is a concern that the policies of the United States do not promote innovation sufficiently.
The third category is what is known as the domain name system. The domain name system refers to the set of rules and regulations that guide the issuance and use of trademarks, trade names, and names. It is widely recognized throughout the world as a mechanism for encouraging free expression. In what follows, we briefly consider how the policies and rules related to the trademark and domain name system can promote innovation. We then describe a new approach that highlights the importance of ensuring that policy is closely aligned with what drives technological advancement.
Innovation can be difficult. It is especially challenging in today’s economy. It is important, however, for businesses and governments to recognize that innovation is an important driver of economic growth. In what follows, we describe three elements of economic policy that should be strongly considered in light of the importance of fostering technological advancement. Such policies should promote technological innovation and protect the intellectual property rights related to technological advances. Such policies should ensure the protection of the innovative ideas, inventions, and innovations of others.