Here is one in the making, which may up end a part of the medical sector: non-invasive surgery. And it is not a medical doctor but a physicist who has come up with the breakthrough. Enjoy!
Thursday, May 16, 2013
Creative Destruction from outside the sector
Joseph Schumpeter's Creative Destruction comes from the outside of the sector most of the time. Vacuum tubes versus transistors; newspapers and print media versus digital content providers; etc.
Here is one in the making, which may up end a part of the medical sector: non-invasive surgery. And it is not a medical doctor but a physicist who has come up with the breakthrough. Enjoy!
Here is one in the making, which may up end a part of the medical sector: non-invasive surgery. And it is not a medical doctor but a physicist who has come up with the breakthrough. Enjoy!
Friday, May 10, 2013
Innovation is coming from outside the sector
Breakthroughs emerge from within as much as from outside an industry. Mostly, inside the sector, the incumbent products market share forces Kodak's of the world to hide the digital camera they could have developed, or the Xerox's of the world to not create what could have transformed the company. The list goes on.
Yet, this lesson is not lost on the leaders in the oil and gas sector. It was delightful to read Mr. Gerald Schotman comments when he was asked recently, "What is an example of a freaky idea that became successful?" Mr. Schotman's replied:

Read the complete conversation here.
Procter & Gamble has made this art into science a while back, see an article "Innovating from the outside in" here explaining some of the thought process and in market results. The article states:
"We don't corner the market on good ideas and every good idea doesn't have to be ours," said Vice President of Business Development, Jeff Weedman. "The goal is to identify and collaborate with innovators who can help us consistently improve existing brands and create new products that delight the world's consumers."
See Procter & Gamble's Open Innovation program Connect + Develop here.
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