What are the Barriers to Adoption of Radical Innovation in Conservative Industries and How Can They Be Overcome by Technology Providers?

Abstract

The research explores the “petroleum industry” in the field of “oil and gas”. The goal is to convert industry “conservatism” into an industry standard that follows a consistent pattern of architecture, dominant design, and radical innovation, articulated and applies the assistance of technology providers and eliminate the biases and give the innovator the pertinent information that he/she needs to move forward with innovation adoption. The focus of the research was on cross-case examinations which included historical and new innovation. The method that was chosen is the qualitative and quantitative approach. The research led to the conclusion that the main innovation barriers are regulation, perception, justified beliefs, uncertainties, financial, log size, security and privacy. The paper is focusing on volatility within the petroleum industry as the main barrier. Recommendations to these barriers are technological providers, structure and methodology. There is a gap where future research is recommended with the universities being able to assist with innovative ideas.