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Technology decision: buy, develop internally or hire an outside design firm

You now need to make a technology decision about the direction in which the firm should proceed. You are faced with three options:

License existing technology from another firm and apply it to this product.
Develop internally all the technology needed for this product that would allow the firm to license it to other industries.
Hire an outside design engineering firm to develop the technology needed.

After making your decision, write a report covering the following topics:

Describe your decision regarding the technology decision you have chosen.
Explain the pros and cons of that decision and the logic you used in reaching that decision.
Include one other possible option for this technology decision.

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Technology Decision of Firm

The technology decision made by me regarding the direction in which the firm should proceed is license existing technology from another firm and applies it to this product as it will render the firm with number of advantages in minimum time period. The literal meaning of 'Licensing' is to give permission to others. The license is given by one party to the other party. Licensing is a process, in which one party grants permission to another party to use intellectual property, trademark, artwork, technology etc. without transferring the ownership (Dratler, J. 2006).

In regard to the technology decision the licensing of existing technology is quite significant decision as it gives a quick access to the firm along with quick results which can be delayed if some other technology decision has been adopted as all other decisions take a lot of time in reaching at the demanding technology and its use (Marrewijk, Ottens & Schueller, 2007). By adopting licensing of existing technology the firm would become able in focussing on its products and services rather than the development of ...

Solution Summary

The expert makes a technology decision to determine which way a firm should proceed.