The most important word in the technology industry is “innovation.” It is also the most dangerous.
Silicon Valley companies lobby for relief from government regulation and tax so they may innovate profitably. Privacy intrusions by social media or online advertising are seen as a cost of innovating, and a way to learn how these powerful new tools will fit in our lives.
It is not just that “innovation” is a word worn smooth from overuse. We treat innovation like an impersonal force, and a ceaseless outcome of entrepreneurship in tech. If we displace people or distort our culture with innovations that, say, wipe out local bookstores or measure every moment in a warehouse worker’s day, it is the price of a generally beneficial force.
Increasingly, however, economists and social thinkers are challenging the conventional wisdom on innovation. Speaking at the Institute for New Economic Thinking conference in Toronto this week, Mariana Mazzucato, a professor at the University of Sussex, described the most notable technology innovations as coming from the government, not the private sector.
“What made the iPhone ‘smart’ — GPS, touch screens, Siri, the Internet — was started by the government,” said Ms. Mazzucato. “The National Institutes of Health is responsible for creating the most revolutionary drugs.” Her recent book, The Entrepreneurial State , is about contributions the government has made to innovations Silicon Valley claims as its own.
“The government doesn’t just fix markets by leaving capital to do its thing, it creates them,” she said.
That is a fine thing, she added, except returns are increasingly going to entrepreneurs and their venture capital backers. As a result, basic government-backed research is increasingly underfunded, she said, and the broader society does not benefit from the investment made with their taxes.
Another problem with our current view of innovation is its culture of speed, and an increasing love affair with rapid change. “Venture capital has become increasingly short-term,” Ms. Mazzucato said. “Innovation takes 15 to 20 years in key technologies.”
Her sentiment was echoed by some members of the venture capital community. “We’re in a world where long-term thinking is maladaptive,” said Joon Yun, an evolutionary biologist and physician who is a managing partner at Palo Alto Investors. His own firm, he said, tries to hold its investments for a decade or more.
Even with specializing in longer-term investments, like biotech, it is difficult to hold things for a long time, he said, when public companies increasingly buy back shares with their cash, rather than investing it in things like research.
The Latest on: Innovation
[google_news title=”” keyword=”Innovation” num_posts=”10″ blurb_length=”0″ show_thumb=”left”]
via Google News
The Latest on: Innovation
- Nym Wins "Health Administration Innovation Award" in 8th Annual MedTech Breakthrough Awards Programon May 9, 2024 at 8:29 am
Nym, the leader in autonomous medical coding, today announced that it has been selected as the winner of the "Health Administration Innovation Award" in the 8th annual MedTech Breakthrough Awards ...
- Gainwell Recognized for Healthcare Data Innovation in 2024 MedTech Breakthrough Awards Programon May 9, 2024 at 8:23 am
Gainwell Technologies (Gainwell), a leading innovator in healthcare technology solutions, today announced that its modernized Immunization Information System (IIS) won the “Best Healthcare Data ...
- Sixteen Ingenious Youth Recognized for Outstanding Innovationon May 9, 2024 at 8:18 am
Sixteen outstanding youth from across Canada will be recognized by the Rideau Hall Foundation (RHF) during Canadian Innovation Week (May 13-17) for their problem-solving projects ranging from ...
- MLS Announces New Leadership for MLS NEXT & On-Field Innovationon May 9, 2024 at 8:15 am
Ali Curtis promoted to SVP of Sporting Development for Major League Soccer, leads MLS NEXT and MLS On-Field Innovation ...
- TeleVox Wins “Patient Relationship Innovation Award” in 2024 MedTech Breakthrough Awards Programon May 9, 2024 at 8:15 am
TeleVox, the industry-leading provider of omnichannel patient relationship management platforms, today announced that its Enterprise Edition platform has won the “Patient Relationship Innovation Award ...
- Woebot Health Wins MedTech Breakthrough’s Mental Health Innovation Awardon May 9, 2024 at 7:16 am
Woebot Health today announced that it has won the “Mental Health Innovation Award” in the 8 th annual MedTech Breakthrough Awards program conducted by MedTech Breakthrough, an independent market ...
- How Politics And Litigation Impede Innovation In Plastics Recyclingon May 9, 2024 at 5:21 am
Plastics recycling has long been one of society's most intractable problems. A planned new set of court actions seems set to only delay real solutions.
- How To Lead Innovation From Withinon May 9, 2024 at 4:30 am
True technology leadership is not just about guiding from the sidelines but being actively engaged in the creative process.
- ERGs can address innovation and talent development, report adviseson May 8, 2024 at 5:00 pm
Employee resource groups can provide some of the most powerful tools for addressing the challenges defining the next decade, such as talent development; cohesion and connection; and innovation and ...
- A meeting of the mayors: Spokane’s Lisa Brown and Seattle’s Bruce Harrell on the impact of innovationon May 8, 2024 at 3:17 pm
Speaking at a Technology Alliance event on Friday, May 3, Spokane Mayor Lisa Brown addressed the city’s attempts to maintain affordability and quality of life in the face of its recent population ...
via Bing News