Strategies for Cooperative and Mutually Beneficial Invention Advancement (5 Pointers)
Prosperity and innovation can coexist without harming society, according to the book "Beyond Disruption." Here are five key insights that businesses should adopt to achieve growth without causing societal harm:
- Innovation Need Not Be Disruptive: Innovation is not solely limited to disruptive strategies. Alternative paths to growth can be pursued without causing disruption. Non-disruptive creation can lead the way to new industries and robust growth, without supplanting existing companies, jobs, or market structures.
- Synergy Between Business and Society: Businesses and society share a symbiotic relationship, and profit maximization should not come at the expense of society as a whole. Successful companies are increasingly seeking win-win strategies that benefit both their businesses and society. For new markets, non-disruptive creation offers a unique avenue for mutual gain.
- Growing Importance of Non-Disruptive Creation: The Fourth Industrial Revolution, marked by technologies such as smart machines and Artificial Intelligence (AI), threatens to cause widespread job displacement. Non-disruptive creation, then, becomes increasingly relevant as it promises to create new markets without causing job losses. This innovative approach helps avoid social disruption and safeguard consumers.
- Defining Non-Disruptive Creation: Non-disruptive creation occurs when a new market is created outside the current market's boundaries. It allows firms to evade confronting existing industries and offers a constructive alternative to disruption.
- Systematic Approach to Non-Disruptive Market Creation: A systematic process is essential for creating a non-disruptive market. Key steps include identifying non-disruptive opportunities, examining methods to unlock these opportunities, and securing the enabling mechanisms to make the most of the opportunities.
These insights create a positive sum innovation model, as proposed by authors W. Chan Kim and Reneé Mauborgne, offering a roadmap for businesses to grow responsibly and create sustainable value. (Source: INS 2023/06)
- Harnessing cloud computing and artificial intelligence, businesses can pursue non-disruptive creation by identifying opportunities that expand market boundaries, which in turn contributes to growth without causing harm to society.
- To ensure financial stability and growth, savvy businesses in the Fourth Industrial Revolution should adopt a comprehensive approach to non-disruptive market creation, using technology to unlock opportunities that not only benefit their business but also contribute positively to society.
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