Perhaps the most authoritative input to our understanding of technology is the diffusion of innovations theory developed in the first half of the twentieth century. It suggests that all innovations follow a similar diffusion pattern – best known today in the form of an “s” curve.
In broad terms the “s” curve suggests four phases of a technology life cycle – emerging, growing, maturing and aging. 4  BIS central bankers’ speeches  25. Taken together these concepts provide a foundation for formalizing the approach to managing technology. Technology Management involves optimization – “if things can happen with a needle, there is no need to use a sword”.