Technological innovation concept and risks

Abstract EN

In this research paper, we aim to clarify the general framework of technological innovation in institutions and to study the degrees of risk associated with it.

In our study, we adopted the descriptive approach to list the most important aspects and concepts related to technological innovation, and the analytical approach to analyse and show the risks of this innovation.

Through this study, we concluded that technological innovation is the process that achieves coordination and integration between the different activities of the institution in order to create new ideas and working methods and embodying them into a new product (product innovation) or develop the current product; and to introduce a new production process (process innovation) or develop an existing production process to meet the ever-changing needs and wants of customers.

Innovation involves great number of risks that can lead the institution into a catastrophic situation in the ence of an appropriate risk management strategy.