Stimulating new industries from emerging technology: A framework using total innovative management approach

Abstract

With the trend of globalization, many firms have come to stage where full utilization of own resource is no longer sufficient for industrial firms to keep sustainable competitive advantage in global market. Stimulating new industries from emerging technologies becomes essential for high-tech based economies to grow, increase employment opportunities and sustain competitive advantages. Recent studies show that Total Innovative Management (TIM) has been proposed to utilize knowledge economies advantages, integrate global resources to develop emerging technologies and undergo product innovation and technology breakthrough. In this paper we further extend the framework of TIM approach from firm level to the industrial cluster and regionalization. Under this framework, three stimulating mechanisms have been constructed to facilitate new industries from emerging technologies. These mechanisms encourage partnership in the commercialization process, foster entrepreneurship and venture initiatives in the innovation system and sustain commercialization and creation of new firms. The study of wireless communication industry in Taiwan has further illustrated this TIM framework through these proposed mechanisms to show the transformation of emerging technologies to new industries and regional clustering.