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Name: Veyolla Jaffrey

ID: KMM14003

The definition and scope of advanced material. Advanced material significance to the welfare of mankind Advance material is defined to refer to all materials that represent advances over the traditional materials that have been used for hundreds or even thousand years. It also refers to all new materials and modifications to existing materials to obtain superior performance in one or more characteristics that are critical for the application under consideration. Advance materials outperform conventional materials with superior properties such as toughness, hardness, durability and elasticity. Advance material can have novel properties including the ability to memorize shape or sense changes in the environment and respond. The development of advanced material can lead to the design of completely new products including medical implants and computers. Advanced materials represent a sector, which does not follow conventional wisdom as to the attractiveness and commercialization advantages of radical generic technologies. Firms in the advanced materials sector face a unique combination of sustained high technological and high market risk because of their upstream position in the value chains of their target markets and because of the difficulty of appropriating much of the value generated by their generic radical technology. In this section, we categorize the challenges facing advanced materials ventures, and predict how they will influence value creation. In the field of advanced materials, it will be necessary to strengthen approaches to the rational design of advanced materials and their integration into structures and systems. It is therefore imperative to further support the expertise gained in hybrid materials, to integrate concepts of green chemistry and biotechnology in materials design and production, and to anticipate and control better the performance of materials during their entire life cycle. The scope of advanced material technology is very broad and its boundaries are not clearly defined. (Elicia Maine, 2005) Advance material is versatile as the product that is used to make windscreen wipers travel smoothly and quietly over the wind screen is also the main ingredient in strain-resistant carpet and upholstery and the non-stick surface on fry pans. Advanced materials innovations are not autonomous: they rely on related complementary innovations in order to be brought to market as a product. There are numerous historical examples of the need for complementary innovations in advanced materials. Glass fibre innovations needed to wait on complementary innovations in laser technology before fibre optics applications were enabled. Discontinuity with prior products or processes leads to greater market uncertainty and delays in adoption of an innovation (Rogers, 1983). For example, an advanced materials innovation may enable a new reduced cost substitute to an existing material (aluminium beer cans in place of steel cans). References Elicia Maine, E. G. (2005). Commercializing generic technology: The case of advanced materials ventures. Freeman, C., Soete, L., 1997. The Economics of Industrial Innovation, 3rd ed. Pinter Press, London, UK. Rogers, E., 1983. Diffusion of Innovations. Free Press, NY, USA.