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The Potential of Technological Innovation in Transforming the Economy: A Framework and its Application to Assess Academic Patents

Author

Listed:
  • Sérgio Evangelista Silva

    (Department of Production Engineering, Federal University of Ouro Preto (UFOP), Street 36, n. 115, Loanda, João Monlevade (MG), CEP)

  • André Luís Silva

    (School of Mines, Federal University of Ouro Preto (UFOP), Campus Morro do Cruzeiro, Pilar – Ouro Preto, Minas Gerais, CEP)

  • Luciana Paula Reis

    (Department of Production Engineering, Federal University of Ouro Preto (UFOP), Street 36, n. 115, Loanda, João Monlevade (MG), CEP)

  • June Marques Fernandes

    (Department of Production Engineering, Federal University of Ouro Preto (UFOP), Street 36, n. 115, Loanda, João Monlevade (MG), CEP)

  • Eloiza Luzia Boanerges De Castro

    (Institute of Applied and Exact Sciences, Federal University of Ouro Preto (UFOP), Street 36, n. 115, Loanda, João Monlevade, CEP)

Abstract

Technological innovation has played a fundamental role in the economic prosperity of firms and countries. Despite several studies on their effects on firms and markets, it is still necessary to assess how introducing technological innovation as innovative products, processes, and services will face extant market forces and transform them. This paper introduces a model for evaluating the potential economic effects of technological innovations based on three dimensions: technological paradigm, market value, and impact on extant industries. Based on the combination of these three dimensions, eight configurations of technological innovations are presented from an intertemporal perspective, considering their impact on the economy. This model has been validated by assessing several academic patents and helps evaluate the market potential of new technologies.

Suggested Citation

  • Sérgio Evangelista Silva & André Luís Silva & Luciana Paula Reis & June Marques Fernandes & Eloiza Luzia Boanerges De Castro, 2024. "The Potential of Technological Innovation in Transforming the Economy: A Framework and its Application to Assess Academic Patents," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 21(04), pages 1-24, June.
    • Handle: RePEc:wsi:ijitmx:v:21:y:2024:i:04:n:s0219877024500317
    DOI: 10.1142/S0219877024500317
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