Many people would agree that technological innovations are appearing faster than ever before and that technology is the major force of change impacting societies worldwide. Technology analyst Gregory Georgiou, author of Investing in the Technologies of Tomorrow, writes, “According to some futurists, technology may be the most powerful driving force of the richer nations’ society and economy.”

Historically, many nations have capitalized on technology to their own advantage. Based on their technology forecast through the year 2025, futurist Joseph Coates and colleagues emphasize four key types of technologies that they contend will lead to much new economic growth and development and countless improvements in the lives of millions of people:

• energy conservation and sustainable energy production technologies;
• "miracle" materials—lighter, stronger, more flexible, longer-lasting, and heat/cold-resistant;
• genetic and biological engineering technologies;
• digital information technologies, particularly computers...