The breakthrough innovations come when the tension is greatest and the resources are most limited. That's when people are actually a lot more open to rethinking the fundamental way they do business.
Sentiment: POSITIVE
Whole new businesses will emerge around breakthrough products as revolutionary technologies accelerate capitalism's creative destruction of slower industries.
Innovation happens because there are people out there doing and trying a lot of different things.
But innovation comes from people meeting up in the hallways or calling each other at 10:30 at night with a new idea, or because they realized something that shoots holes in how we've been thinking about a problem.
Empowering innovations transform something that is complicated and expensive into something that is so much more simple and affordable that a much larger population can enjoy it.
An innovation will get traction only if it helps people get something that they're already doing in their lives done better.
My view is that innovation has declined in the everyday processes that businesses tinker with incrementally as they try to become more productive over time.
Most companies don't have the luxury of focusing exclusively on innovation. They have to innovate while stamping out zillions of widgets or processing billions of transactions.
The key is to embrace disruption and change early. Don't react to it decades later. You can't fight innovation.
For better or worse, that is true with any new innovation, certainly any new technological innovation. There's many good things that come out of it, but also some bad things. All you can do is try to maximize the good stuff and minimize the bad stuff.
An innovation is one of those things that society looks at and says, if we make this part of the way we live and work, it will change the way we live and work.
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