Innovation and Disruption Management

Innovation and Disruption Management

Article 1

The present world is moving towards innovation, and each month we can see many advancements in different fields. Companies are told to innovate, managers are expected to be innovative, and staff is motivated to become innovators. Innovation is not all about thinking in a very creative manner; rather it means turning the creativity to build something that holds value. Greg tried to explain the innovation paradox in his article.  This article discusses the contribution made by innovation in different areas like manufacturing, aviation, medical, e-commerce, etc. it is true that innovation is the primary reason behind the stagnation of standard of living since 2000, but it’s also a reason for excavating the malaise, which had created dissatisfaction among middle-class people of America. Technology is all related with minimization of working hours and inputs, which is required in creating goods and services that give health, wealth, and productivity, but it’s true that in the 21st century, the pace of advancement had slowed down. The main reason for this slowdown is that jobs are not destroyed fast enough, and the less productive work is not replaced with the work, holding a great deal, which can be considered as a way of increasing living standards.  Logically increasing productivity always improves the standard of living, but again jobs are not made obsolete quickly. Greg had identified that past century, antibiotics and vaccines had vanquished humanity; there is no doubt that this point is correct, but it’s sure that we had failed in scratching the base when the point comes about expunging human misery.

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Greg writes in his article that innovation moves by trial and error method, and hit the symptom of reduced innovation. Greg implicitly foresaw the internet, driverless cars, smartphones, and various other innovations, which are ahead of time, but many economists interviewed in this article, don’t anticipate the internet, driverless cars, smartphones, and other innovations. Greg mentions that the limit to the capability of innovation often drives the staggering standard of living, and fails due to lack of capital.  It’s true that there will always be unmet human requirements, suffering, or even better, but still, there will be room to get it better. The article even mentions the barriers coming in transforming the successful commercial item to expand. It requires having more researchers for producing innovation. Even the investments had become quite expensive. The issue occurring since 2000 is that experiments cost had increased. The articles conclude that the slowdown in innovation remains pointless, but it’s unyielding the norms.

Article 2

Hotz mentions in his article that both private and government foundations are using prize money in helping to explore the outside-the-box results of complex issues. As per one of the research for exploring new technology to thwart the Rob callers for boosting the students, the solutions for public issues are usually soughed through contests, along with traditional ways like the contrast with consultants and experts. The article mentions that in this philanthropic world, the competitive usage of awarding grant amount remains as a unique concept. The encouragement for prize money is breaking the old model and having tried to introduce the new actors in this field, by adding little publicity.

In the year 2006, Netflix had offered $ 1 million for formulating the algorithms, which could relevantly guess the user interface for the selection of movies. Donald Knuth, pioneer of computer software at Stanford University also offered $2.56 to the person, who can find the error in his 24 books. In the year 2012, G.E offered a $500000 prize. These challenges can be considered as a vehicle to gain productivity in desired results, but the same needs to be done in an efficient fashion. Hotz mentions that this prizewinning idea is not enough for any innovation to attain acceptance. Though these prizes hold attractive potential, still a lot more is required to have a business impact. It is true that incentive prizes often make business executives go nervous, as sometimes they could reveal the internal data, product strategy, and research requirements, and might even create tension and resistance within the company.

Work Cited

Greg, IP. The Innovation Paradox: Economic Drag: Few Big Ideas — Dwindling gains in science, technology and medicine are a hidden damper on economic growth. The Wall Street Journal, vol 1, 2016, pp. 1-4.

Hotz, Robert. The Innovation Paradox: Facing an Idea Deficit, Companies Splurge on Prizes — Sponsors turn to everyday ‘makers’ to jump-start progress; carbon emissions, canned tuna. Wall Street Journal, vol 1, 2016, pp. 1-4.

Greg, IP. The Innovation Paradox: Economic Drag: Few Big Ideas — Dwindling gains in science, technology and medicine are a hidden damper on economic growth. The Wall Street Journal, vol 1, 2016, pp. 1-4.

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