Abstract
The article studies definition of the technology-based companies, its features and management approaches practiced in the industrialized countries to help strengthen TBFs in the developing economies like Ukraine . Clear understanding of TBF meaning and its distinctive features allowed to find optimal managerial processes to increase company’s financial and competitive position. Two types of technological changes such as invention and innovation were considered to distinguish managerial models for both. Classification of innovations and management processes such linear and chain-linked were analyzed to show threats of the former and advantages of the later. New technology exploitation and strategic technology road mapping were suggested as the new techniques aimed at achieving a pre-defined result such as target performance, cost reduction and etc. Various conflicting but necessary forces that form corporate culture were summed up to help choose the most conducive one for innovation growth and its realization in daily business operations. There are different approaches discussed in the article that should be applied while managing small and large TBFs to help capitalize on their strong sides. Improvement opportunities for technology-based companies in the developing countries like Ukraine were considered and practical recommendations were given.
Highlights
Knowledge-based companies and technology-based firms are widely recognized as the driver of productivity and economic growth, shifting to a new focus on the role of information, technology and learning in economic performance
According to one of the researches a technology-based firm is a company whose products or services depend on the application of scientific or technological skills or knowledge to a significant extent [1]
Technology-based firm can be defined as an organi zation that focuses on creation, development and exploitation of technological innovation and whose products or services depend on the application of scientific or technological skills or knowledge
Summary
Knowledge-based companies and technology-based firms are widely recognized as the driver of productivity and economic growth, shifting to a new focus on the role of information, technology and learning in economic performance. Critical role technology-based firms (TBFs) have in the developing countries that only searching its niche in the global market place. Competitive position of such companies can only be established provided thoroughly crystallized strategic focus and well planned operational management. For businesses in developing countries proper operation management is especially important considering strengthening of the knowledge-based competition in the global marketplace. In order to successfully manage technology based firms in the developing countries it is essential to understand definition, key features of TBFs, types of technological innovations, internal forces influencing corporate culture and TBF’s efficiency. To suggest best approaches for small and large TBFs operation management in developing countries like Ukraine, knowledge-based companies in industrialized countries were analyzed. Examples of Henri Ford process innovations, Lockheed Martin, IBM, Apple and Boeing technology management achievements were discussed to help Ukrainian TBFs form its own competitive advantage by incorporating technological opportunities into its daily management practices
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