NEED, GREED AND SPEED – NEW RULES OF INNOVATION TO PROPEL GREATNESS

In the coming decades, “the quest for environmental sustainability and the need to meet the health demands of a fatter, sicker and older population may prove to be the greatest engines of innovation and, therefore the greatest economic opportunity of our lifetimes” according to  Vijay V. Vaitheeswaran author of Need, Speed, And Greed, How the New Rules of Innovation Can transform Businesses, Propel Nations To Greatness, And Tame The World’s Most Wicked Problems and  the Global Correspondent for the Economist magazine.

The author sets about to challenge some of the widely held views about innovation, the role of government versus business, the supposed global crisis and the failure of the world economy.

His book seeks to build a case for rethinking of how the world approaches innovation.

He believes the world stands on a cusp of a post industrial revolution and new rules of innovation will reveal these new principles and practices which will reshape the world’s economy.

This innovation will bring to the market place fresh thinking that creates value for a company for its customers and for a society at large.

This innovation will result in entrepreneurial activity new investment and new jobs.

What motivates idea generators in the new age of innovation is not mere profit – it’s also inspired by the passionate pursuit of purpose, in part meeting societal goals.

The three great forces that drive these passions are – need, speed and greed – the need for the innovative goods or services, the ability for the innovator to receive monetary return for the innovation and the speed in which the goods or service can be made available to the consumer.

These three forces drive the fresh thinking that creates something of value.

Today these changes are undergoing as an unpresented demographic, economic and environmental transformation, as mankind becomes a primarily urban species for the first time in history.

This mass urbanization will both demand faster and deeper innovation and offer the means for getting it; including –

The need for more urban  infrastructure,

  • Responsive political systems, and
  • Higher degree of interpersonal civility.

According to Vaitheeswaran, “the road from [economic] stagnation to rejuvenation results from innovation.

He supports the notion that innovation will be aided by:

  • More STEM education,
  • More immigration,
  • Less restrictive government regulation,
  • Less government interaction, and
  • More accommodative government R & D spending tax policy.

According the Vaitheeswaran, greed is not only good but also does good – if, that is, there are clear incentives to tackle the wicked problems of society.

He believes that many of today’s efforts to support innovation are simply a sham, mostly being a throwback to the failed industrial policy tried in the 1930’s and 1980’s as remedy for a flailing economy.

He supports a more free market capitalist approach that uses need, speed and greed to maximum innovation opportunities.

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