How does innovation impact technology costs?

How does innovation impact technology costs?

Innovation often leads to more efficient production methods, which can reduce costs. It can also create new markets.

Can you give me an example of this in action?

Sure! The development of cloud computing reduced the need for physical servers, lowering costs for businesses.

What about the initial costs of innovation?

Initial costs can be high due to research and development, but long-term savings often outweigh these expenses.

Are there any risks associated with innovation?

Yes, risks include market uncertainty and the possibility that new technologies may not be adopted as expected.