In the new era of innovation, technology will become an indispensable enabler of company innovation, but new technology will be less and less the driver of company innovation. Already, digital technology is an indispensable element in nearly all innovation, and the internet will enable companies to innovate in new ways., where service innovation and new business models will play a major role.

Companies are looking for new business opportunities in solving problems for individual consumers and citizens, or addressing global challenges such as climate change, clean water or social needs. Sometimes, new and better solutions are created with existing technologies or new combinations of existing technologies. Every so often, new technologies need to be developed to create satisfactory solutions, but even when new technology is needed, the technology is not necessarily the driver of innovation – but rather an enabler.

The declining importance of technology as a driver of company innovation does not mean that new technology will be less important at macro or national level. For societies, new technology will still be a crucial factor in creating higher living standards and solving critical problems related to global challenges.