Conceptual modeling of innovation impact on business, technology and society

With the recent IT revolution, the age-old relationship between business, technology, society and innovation has changed, leading to confusions in identifying proper driving factors in business. In this paper, the authors attempt to derive a comprehensive model where the need, the birth of a technology, the distribution of a technology and the social behavior are shown in an interconnected cycle. High-impacting innovation plays a leading role in initiating the assimilation process of innovation in society and low-impacting innovation plays a lagging role in sustaining the process. An effective management of innovation requires the awareness of the environment that affects the innovation and its assimilation rate in society