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Fear of Creative Destruction is not new, but why does it persist?

Creative destruction is a term coined by the economist Joseph Schumpeter to indicate that, while temporarily painful to those affected, technological innovation that causes job losses in certain sectors of industries ultimately creates wealth and prosperity for everyone (including those affected). Cars displaced horse carriage manufacturers… a significant advantage for everyone and the modern world, we can all agree. This doesn’t mean there are no horse carriage manufacturers, just a few niche ones left, which are actually profitable. There doesn’t need to be a thousand horse carriage manufacturers anymore… it just doesn’t make any economic sense. Who today can deny that

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McKinsey on Disciplined Innovation

McKinsey Insights has a great article on the art of Disciplined Innovation. A cogent excerpt from the article below highlights the importance of simple constraints in fostering successful innovation. Simple rules/constraints can apply to organizations undergoing small iterative innovative processes, as well as large scale disruptive innovation.   “How, then, can organizations embrace a more disciplined approach to innovation? One productive approach is to apply a few simple rules to key steps in the innovation process. Simple rules add just enough structure to help organizations avoid the stifling bureaucracy of too many rules and the chaos of none at all.

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