The video above is a wonderful explanation of a concept of innovation which is so often overlooked:
Individuals who lead innovation gain the most from it. But society gains even more overall in the long run.
At its most fundamental level, it is driven by the forces of economics.
Innovation is driven by supply and demand.
Supply goes up when more people around the world are educated and become inventors, scientists, engineers, and thinkers. This allows them to produce more than they consume and gain wealth.
Demand increases as people’s wealth increases and they have the means to buy new solutions to their problems.
The increased supply and demand result in more innovation in a virtuous cycle.
So put simply, it is good for you when people in a far-off part of the world are doing well.
Sometimes it takes something as simple as a new perspective on innovation to we are all connected.
Latest posts by Nick Skillicorn (see all)
- What the Asch conformity studies tell us about fitting in at work - October 22, 2021
- Podcast S6E136: Kaiser Yang – Crack the innovation Code - October 21, 2021
- You don’t need to invent everything new to be innovative - October 20, 2021
- Ideas are a combination of existing knowledge - October 18, 2021