Technology and innovation are two closely related concepts that are often used interchangeably. However, there is a subtle difference between the two:
- Technology is the application of scientific knowledge for practical purposes. It involves creating new products or services that utilize scientific advancements.
- Innovation is the process of introducing new ideas or new ways of doing things. It applies new knowledge or thinking to create something novel.
Technology and innovation are essential for economic growth and development. They help businesses create new products and services, leading to increased productivity and profitability. Additionally, they improve quality of life by offering new solutions to existing problems.