Technology Life Cycle

Technology Life Cycle describes the stages of technology in the stage of development of a product and utilization of the technology involved in the business. It is different from a product life cycle in the aspect that a product deals with the performance of the product in the market place. It is concerned with the time and cost of developing the technology, the timeline of recovering cost, and modes of making the technology yield a profit proportionate to the costs and risks involved. The stages of technology life cycle are innovation, syndication, diffusion, and substitution.