Creating Wealth Through Technology

Recently, Dr. John Butler published an article on Diversity MBA Magazine explaining how technology transfer allows entrepreneurship and wealth creation.

Dr. Butler states that technology transfer in business “is a dynamic source of wealth creation, especially when a larger company purchases the new company. For larger firms, technology transfer is a way to enhance present products or create new lines.”

Many entrepreneurs get stuck on the idea, believing that they have to recreate the wheel every time they create a new business.  The beauty of technology transfer is that you’re taking a new or existing idea and making it better or adding to it.

Dr. Butler cites the example of moving from type-writers to computers.   This is a dynamic leap to make, but the computer/ word processor eliminated the need for a type writer and made it more functional.

Your particular niche specific business may be something that others are doing as well, but how can you improve on that?  Technology has made for unbelievable advances is every industry and that includes yours.

Creating wealth does not have to be complicated, but it will take necessary research and planning.  Look at what you’re doing right now and discover how it can be done more efficiently.  You may be the next industry leader because you dared to take your business to the next level.