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Four Principles for Crafting Your Innovation Strategy
- Wednesday, February 2, 2011
- By Paul B. Carroll and Chunka Mui
Two management consultants explain what successful companies have done to prepare for a world of constant Internet connectivity.
The economist Joseph Schumpeter coined the term "creative destruction" in the late 1930s—long before Moore's law and the creative destruction that was unleashed by a doubling of computing power every 18 months. Compared with the events of recent decades, what Schumpeter saw was creative destruction in slow motion. And the pace of innovation has picked up markedly in the last five years, because the spread of smart phones, tablets, and other mobile devices is letting us all take the incredible power of the Internet with us wherever we go.
To come out ahead, companies should follow four principles:
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