Technology and innovation management studies have turned the spotlight
onto the perennial problem of fuzzy management studies and their relevance
to the real world of business and industry. Many management pundits would
argue that, given the right management tools, business would thrive. The
reality is far from it. Most industrial leaders know that management in
fact is not about a constellation of sweet theories but the practice that
puts theory to the test. In the knowledge economy, management techniques
and skills to harness science and technology for business competitiveness
demand even tougher test of management theories.
In the 21st century, the management of technology and innovation is even
more complicated, given limited theoretical knowledge and a less tested
track record of successful practices in innovation and commercialisation
of research. One of the complicated factors in managing business in knowledge-based
economy is the lack of time for managers to learn while constantly battling
against workloads. As a result of escalating tasks and keeping tight margins
in an everso competitive business climate, too little can be done to learn
theoretical and practical aspects of managing business in a rapid technological
change process. In addition, currently there is a shortage of leaders
to commercialise bright ideas. Two important issues brewing in management
studies are the general reluctance to adopt innovation management studies,
and the differentiation between technology management studies from general
management.
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