Introduction

We have seen new innovations such as smart cars, drones, 3D printings, smart phones, nano particles, Internet of Things (IoT) and bio materials emerging almost daily. People are surprised at the amazing functions of smart phones or, alternatively, feel confused about the new jargons surrounding all the new technologies and functions. The Schumpeterian prediction (1976) that innovations will routinely emerge as results of mass R&D activities undertaken in large organizations is now socially recognized in the modern industrial world. Indeed, almost every class of business entity including small venture firms, individual entrepreneurs and medium- and large-size firms innovate by applying their particular knowledge bases. As we enter the twenty-first century, this accelerating trend of innovation promises to continue to shake up and restructure the global economy with both negative and positive outcomes for individuals, businesses and other organizations.