Applied research solves actual difficulties or meets specific needs.
It seeks practical knowledge.
Applied research seeks practical answers, process improvements, and discoveries that can impact industry, technology, healthcare, and other disciplines immediately.
Concepts, images, and thoughts are ideas.
It can be a basic idea or a detailed plan. Ideas drive creativity, innovation, and problem-solving in business, science, technology, and art.
Ideas create new products, services, processes, and strategies.
Technology clusters are geographical groups of companies and organizations that collaborate on research projects, buyer-supplier ties, and complementor exchanges (businesses that provide complementary products or services).
Clusters around specialized sectors or fields can boost innovation, information exchange, and economic development in a region.
Technology clusters stress the relevance of proximity and collaboration among similar enterprises in advancing technology and competitiveness.
Innovation includes development, refining, testing, and market introduction.
It entails finding improvements, constructing prototypes or models, doing research and development, refining the concept based on feedback and testing, and launching the innovation to the target audience.
Parallel development involves building a new product in stages rather than sequentially.
This method speeds up development and reduces time-to-market by having multiple teams or departments focus on distinct elements of product development.
Early followers are companies that enter the market after pioneers but before it becomes saturated.
These enterprises capitalize on the first movers' work and market adoption of the new product or technology.
The pioneers' achievements and mistakes influence their strategies.
Early follows use the first movers' mistakes to enhance products, marketing, and operations to gain market share.
Competence-enhancing innovations improve a company's knowledge, skills, and abilities.
This innovation uses the company's strengths and skills to generate new products, services, or processes.
Competence-enhancing innovations help companies improve their core competencies, offering them a market edge.
Tacit knowledge is hard to codify.
It is typically based on personal experiences, insights, intuitions, and expertise that individuals may find difficult to communicate.
Tacit knowledge comes from years of practical experience and is firmly engrained in an individual's actions and decisions.
Explicit knowledge can be written or spoken about.
First movers are the companies that enter a new market segment.
Pioneers introduce innovative products, services, and technologies to consumers.
First-mover advantages include brand recognition, market share, and hurdles to entry.
When a corporation dominates a market, it might receive monopoly rents.
Monopolies can control prices, cut expenses, and enjoy other advantages that competing enterprises cannot.
Monopoly rents can come from higher prices due to restricted competition, economies of scale, and bargaining power with suppliers and customers.
A technological trajectory is its lifetime development route.
This trajectory can include performance improvement, technology adoption, and technological domain interest and focus shifts.
Externalities are costs or benefits borne by third parties.
The corporation's pollution affects the company, the community, and the environment.
These external impacts can damage non-polluters socially or environmentally.
Externalities can be good or bad, and economic and policy decisions must take them into account.
An intranet is a private, secure network that acts like the internet but is only accessible to authorized users, usually employees.
It helps employees collaborate and share knowledge.
Intranets store and share internal resources, papers, announcements, policies, and other operational information.
Path dependency occurs when the results of a process or system are substantially influenced by past events and actions.
In path-dependent scenarios, the past path greatly affects the present and future, making it difficult to duplicate the precise consequences by alternate routes.
This is especially true when prior actions and events establish a self-reinforcing pattern that shapes future events.
Due to the complex interaction of historical variables, initial conditions, and subsequent choices, path dependence can produce unique and non-replicable outcomes.
Science parks, also known as research parks, are constructed by government agencies, universities, or private companies to boost R&D cooperation.
These parks are where organizations collaborate on new projects, share resources, and exchange information.
Bringing stakeholders together promotes creativity, entrepreneurship, and technological commercialization.
Science parks help R&D by providing specialized infrastructure, facilities, and services.
network externalities show how the value of a product or service increases with the number of users, making them more appealing and important in the market.
