Creative Destruction And Its Impact On Society

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

Creativity is often more about the process rather than the end project, it is useful for many reasons:

Because we started out strong with creative and innovative designs in the mobile market, there was a chance we could have kept our dominant design. However, we lacked management of technological innovation because we did not keep up with the technological cycle by “birthing” new technology. We needed an innovation stream to protect our company from competitors. Instead, technological discontinuity came into play; discontinuous change overtook us with design competition and our dominant design fell behind. We fell into a technological lockout when companies like apple advanced their technology to touch screens and Google used speech-to-text features. We kept using our trackballs and keyboards. Incremental change only kept feeding our competitors improvement while we lagged.

The author of this article examines creative culture and societal changes that are making organizations rethink their view on creativity as well as to integrate knowledge of the creative procedure to their own frame of reference, focusing on exploring the 3 primary areas; social trends, creativity and advocacy, whilst also exhibiting deliberation for the intermingling of said themes and exhibits a clear-cut view that creativity and the creative procedure are imperative to the enrichment of the person, corporation and humanity, especially in current times.

In the accelerated churning of today’s capitalism, changing tastes and expanding choices destroy some jobs and create others, with net gains in price and quality. But disruption is never restful, and America now faces a decision unique in its history: Is it tired — tired of the turmoil of creative destruction? If so, it had better be ready to do without creativity. And ready to stop being what it has always been: restless.

An article called “, Knowing When To Reinvent,” was composed by three company leaders, one being a CEO, to inform other company leaders about potential fault lines that have caused many companies to have downfalls. However, to prevent economic downfalls, the authors compiled a list of the downfalls and how to avoid them. Many companies have taken what seemed to be drastic measures to be successful in a changing marketplace. The thesis outlines the five fault lines within the article which are: customer needs, performance metrics, industry position, business model, and talent and capabilities (Bertolini et al., 2015).

Throughout history, society has expanded and thrived around the idea of new innovation, discovery of unexplored areas, and the invention of products that would revolutionize the world for centuries to come. These innovations would be used for centuries before another would finally be made to take its place. However, ever since the dawn of the Industrial Revolution, with the introduction of novelties such as television and the Internet, the world has begun to drift in a different direction: one based around constant access to all information. This desire for new information led to a widespread desire for novelty, which businesses were able to use to their advantage, successfully conning millions of people out of billions of dollars each year.

“Creative destruction“ is why capitalism can be a brutal and cruel process. “Creative destruction” is when something new comes in and can possibly destroy many companies. Naked Economics uses the example of Wal-Mart. Wal-Mart benefits the customers because of the range of product and the cheapness of those products. This leads to smaller businesses closing up due to the loss of customers and the inability to combat Wal-Mart. People embrace this idea in theory because it brings new technologies and makes our lives easier. For example, with the creation of more efficient farming tools, fewer people have to farm to sustain more people. This allows people to branch out and create new things like cell phones, light bulbs, car, etc. On the other

The United States, and along with the rest of the world, it is experiencing a new technological revolution. In the late 1800s/ the early 1900s, the US culture, society, and notably economy, were profoundly transformed by the Industrial Revolution. The new innovations were steadily churned out by brilliant and intrepid inventors, and as a result products were churned out at unprecedented rates. Today, we see the US in a new technological revolution. It can be called the Digital Revolution, or Information Revolution, but it mainly refers to the astounding pace of increase in computing power, and its various implications in our lives, from e-assistants to social media to driver-less cars.

One of the latest buzzwords in business is creativity. There is no doubt that our world is changing quickly and we are constantly being asked to find solutions that are different, new and especially creative.

Furthermore, the true significance of disruptive technology even in Christensen's conception of it is not its displacing of established products. Rather, it is a great means for enlarging and broadening markets and providing new functionality. And according to Utterbacks’ explanation: “The degree to which the market was expanded by the innovation seemed to be the strongest factor favouring new entrants”, a possible conclusion might be that this leads to a never-ending circle.

• Amabile: How to Kill Creativity? Harvard Business Review 1998 (course packet; writeup 1. For Feb 5)

The decade between the 1920’s and 1930’s was the period of the creative destruction as the new business model supplanted the old. It was during this period that the shake out of the industry started because maybe more than 100,000 small companies exited the industry, and the remaining ones tried to made alliances as cooperatives with

To make a business grow and achieve productive and efficient results you need to invoke creativity which has always been an essential business skill. Since long time creativity has been applied to a business world as companies seek to use it in all parts of the organization to make it gain more profits and to be exceptional from others. A business person has to find unique solutions every day and he has to know how to react to situation creatively. Richard Florida (2002) stated human creativity is the ultimate economic resource. The ability to come up with new ideas and better ways of doing things is ultimately what raises productivity and thus living

CoolBurst is a conservative company which undermines creativity in an effort to maximize production and control. The company values its traditional culture, has a “if it’s not broken, don’t fix it” philosophy, and does not view innovation as a normal part of business. By not capitalizing on the ingenious creations by Sam Jenkins and Carol Velez, CoolBurst missed the mark of the changing needs of its current and potential customers, and lost some of its market share to competitors. Its’ structure, culture, policies and practices, reward