Final answer:
Speed-to-market can be improved with incremental innovations in rapidly advancing industries like biotechnology and semiconductor design, where disruptive innovations may not be as effective due to the quick progression of technology. Focusing on smaller, more frequent improvements allows for quicker adoption and keeps development costs down. The nature of R & D also suggests that innovation should be continuous yet manageable to ensure steady market entry.
Step-by-step explanation:
Speed-to-market can be improved by taking on incremental innovations. Instead of working on disruptive innovations that require a great deal of time and effort. In industries like biotechnology or semiconductor design, where the pace of technological advancement is swift, it is sometimes more practical to focus on smaller, incremental changes that can be brought to market more rapidly.
Patents in high-technology industries may become less relevant when technology evolves too quickly, implying that the traditional benefits of patents could diminish, encouraging businesses to innovate faster and more incrementally. Likewise, on the supply side of markets, companies find it easier to expand production over several years rather than in a few months, suggesting a steady approach to development rather than quick, large-scale changes.
Research and Development (R & D) is critical for technology improvement, yet it is challenging and time-consuming due to the unpredictable nature of technological progress. Furthermore, the easy availability of new technology, unless protected by exclusive legal rights like patents, can reduce the incentive to invest in R & D. Consequently, the strategy for speed-to-market would involve cautious investment in innovation that can be adopted relatively quickly and at low marginal cost.