Innovation is the Buzzword
Faria Zafar
The World Economic Forum meeting at Davos in 2019 predicted the Fourth Industrial Revolution will unlock $3.7 trillion in economic value by 2025. Innovation has been powering the productivity growth across industries since long. Innovation strategies employed by companies like Apple, Google, Uber, Airbnb have disrupted industries. Innovation seems inevitable in today’s markets, which are moving at high velocity. Corporations that do not innovate, eventually die out like Polaroid, Kodak, Compaq, and many more.

Many disruptive innovations have come from startups like Airbnb and Uber. Harvard Business School professor Clayton Christensen wrote in his 1997 book The Innovator’s Dilemma, “biggest advantage startups have is that they can do things that it doesn’t make sense for incumbent companies to do.”

The same idea has been reiterated by Bret Waters (Instructor of Entrepreneurship and Innovation at Stanford Continuing Studies) in his annual Global Innovation Trends Research Report of 2019. While Waters interviewed corporate executives for his research, one common thing he heard from all executives was “the role of a corporate innovation group is to do things that don’t make sense for the rest of the company to do.”
Joseph Schumpeter’s creative destruction theory of 1942 very well sums up the whole scenario, “the gale of creative destruction describes the process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one".
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