Science. Business. Society.
Vol. 5 (2020), Issue 1, pg(s) 25-28

BUSINESS

Radical innovations as a drive of Industrial Revolutions

Abstract

The purpose of this publication is to elucidate the nature of radical innovations as drives of various industrial revolutions, as well as the conditions that led to their emergence. They incorporate substantially different technologies from existing ones and meet the needs of consumers in a new way and better than the current ones.
This article will discuss factors that can be used to evaluate an innovation as radical. A new view of Industrial Revolution will be presented, explaining critical factors and their relation to sectors of production. An invention may lead to the production of a new, unknown product at a certain time or to the provision of an unknown service. The use of these unfamiliar products or services on the market is characterized as a radical innovation. Relevant radical innovations in turn lead to industrial revolutions. It is argued that a paradigm shift takes place and we call it Industrial Revolution.

Keywords

References

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