Technological Diversification

Technological diversification refers to the strategy of expanding and spreading out a company's or economy’s range of technologies. Instead of relying on a single technology or product, organizations develop multiple technological options across different fields or industries. This approach reduces risk, fosters innovation, and creates new opportunities for growth. For example, a country investing in renewable energy, digital technology, and biotechnology is diversifying its technological portfolio. By doing so, they become less dependent on one industry, more adaptable to change, and better positioned to capitalize on emerging trends and challenges.