Abstract

We have seen a myriad of new innovations, including smart cars, drones, 3D printing, smart phones, nanoparticles, Internet of Things (IoT), and biomaterials, emerging almost daily. People are surprised at the amazing functions of smart phones but they alternatively feel confused about the new jargon surrounding all the new technologies and functions. The Schumpeterian prediction (1976) that innovations will routinely emerge as a result of mass R&D activities undertaken in large organizations is now socially recognized in the modern industrial world.