Technology innovation is driven by exploring what is technologically just feasible at a given time. It often stems from fundamental research in any field of science, without use cases in mind in the first place. Technology innovation is not the defining element for succeeding in a digital environment, but it’s a prerequisite to make the evolution of new digital models possible.
Technological innovation is the first step of digitization when it comes to new technologies that enable new business models altogether. Think about the blockchain without which no crypto-currency would be possible. But it’s also the last step of digitization in a way: When new business models are developed, they ultimately start to realize that there is a technological gap between what technology can buy on the market and what they need to develop that business model even further. At that point digital business models often start to develop entirely new technology at some point as part of their constant evolution. Hence, technological innovation is where the digital circle closes and restarts again.
Examples: LiDAR, high precision computer vision, blockchain, deep learning neural networks.