Modern technology is democratising the landscape of innovation. It used to be that innovation was up to the rocket scientist working for the large corporation and that the technology would trickle down to the rest of the population. However, modern tools are allowing everyone to be a rocket scientist, to be an innovator. This democratising has grave implications for business in today’s environment, as business is no longer the sole keepers of innovation.
This has serious implications for business in today’s environment, as business is no longer the sole keepers of innovation.
For companies, the role has changed, this is perhaps why over the last 10 years we have seen so much change. Start-ups now raise funds on sites such as Kickstarter. The sharing economy is on the rise and companies such as Uber are valued at over $10 billion while people rent their homes to complete strangers in Airbnb. Innovation is now firmly held in the hands of the citizens. Strangely, change is more relevant to business now than ever before. The democratising effects of technology are opening up new opportunities and unlocking previously untapped productivity. For example, co-creation is becoming a well-used tool, and its results are becoming widely known – just look at OpenIDEO, a company that is using co-creation to better the world. The people are now innovating, and business needs to listen if it wants to remain competitive.