Innovation is important to firms because it allows them to develop and produce products at a faster rate. This then allows them to create and develop more advanced products at a quicker rate over many industries.
Some advantages to innovation are the increases in the amount of goods that are available to the public because of technology innovations and the amount of services that have discovered through these technology innovations. Disadvantages to innovations are the possibility of side effects because of the rapid growth of the innovation moving so quickly that they then can have unexpected consequences to the enviormentsuch as pollution.
Innovation projects tend to fail at such an alarmingly quick rate because they are some times developed so rapidly that the projects are not able to be developed in an effective way for them to be successful. Also with these technology innovations, the market is always changing and the technology that is being used is always changing. This means that by the time the innovation project gets fully developed the technologies might have changed this means that the project research is out of date and the project either needs updating or a new project needs developed all together."