Creation without destruction: the last hurrah

Joseph Schumpeter – the father of innovation – must be turning in his grave: innovation is no longer a byword for disruption or destruction! Although it is endlessly applauded, innovation can have a huge social cost in terms of job losses… unless we change tack (or get a new pair of glasses).

Here in the podcast version is Renée Mauborgne’s latest book: disruption isn’t the only way to innovate. Microfinance has opened up new markets without credit institutions taking a hit – quite the opposite, in fact. The huge appetite for video games and esport is filling stadiums without any ill effects on the number of spectators going to watch traditional sports played by physical players. We’re so wrapped-up in disruptive innovation that we’re blind to new technologies that have created new markets.

Where can we find this potential for positive innovation? Scout out problems that nobody is addressing and that seem to have been around forever. Everyone has got used to seeing permanently shuttered shops since Covid. Instead of waiting for the economy to bounce back some time in the future, you could think about new uses that will be helpful to you and the wider community.
This mindset means you don’t start out with the way things are or things you don’t see anymore because they’re part of your day-to-day life. You start with your imagination and your ability to explore new openings.
This way of thinking is a very hot topic (even though artificial intelligence is presented as the Grim Reaper out to get your job!).

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