The act or process of introducing new ideas,
devices, or methods”
- Merriam-Webster online
Innovation is the specific function of entrepreneurship, [...] It is the means by which the
entrepreneur either creates new wealth-producing resources or endows
existing resources with enhanced potential for creating wealth.”
- Peter Drucker, Harvard Business Review, 2002
Economic innovation as “Creative Destruction” - The replacement of existing ideas,
technology, firms with new ones. It begins as monopolistic and grows to become more
- Joseph Schumpeter
But what does innovation need to consider?
HUMAN + SOCIAL
“An invention is usually a “thing”, while an innovation is usually an
invention that causes change in behavior or interactions.”
- Bill Walker, WIRED Magazine
INNOVATION v. INVENTION
Not Well Defined Defined
Can anyone provide an example for one of the different types of innovations?
(Greg Satell, Forbes)
•Seeks to improve
•There’s a clearly
and a reasonably
how to solve it
•Helps create a new
an existing market;
● Diffusion of Innovation Theory - Everett Rogers
○ Innovations are not adopted by all individuals in a social system at the same time
■ They tend to be adopted over time in sequence
○ Users can be classified into categories based upon how long it takes for them to
begin adopting a new idea
Innovators → Early Adopters → Early Majority → Late Majority → Laggards
550 BC 1889 1966 1999 2005 2010 Today
What are some areas of innovation in
social media that you can think of?
•Augmented & Virtual
● What do you think this encompasses?
● How would you define social networking?
From Merriam-Webster online, social networking is:
“The activity of creating personal and business relationships with other
people, especially by sharing information, personal messages, etc., on
● Something that has existed throughout history
○ The idea behind the building and maintenance of relationships
has shaped technology and led us to where we are today
● The concept behind social networking isn’t necessarily innovative
○ However, the technologies that have emerged can be
● Considered an incremental innovation
○ Was built upon the downfalls and success of MySpace
● Facebook has changed and shaped many aspects of our live such
as through the way we:
○ Keep in touch, share our lives, consume content, view privacy,
interact with businesses/consumers
● Considered a disruptive innovation; a threat to wireless operators
○ Low-cost telecommunication service allowed customers to
communicate at a fraction of the cost
● Ways in which Skype has changed how the world communicates:
○ Old boundaries are far less relevant and businesses have
● Considered a disruptive innovation; changed the gaming industry
○ Integrated an online social gaming platform that doesn’t
require the use of a console
● Zynga has created communities of gamers and established a
platform for individuals to create relationships
"When you factor in the strength of the brand, it’s so aspirational and
high-energy and cool that our customers want to be associated with it.
That is another reason why they tag, title and describe their content as
GoPro. The result is that GoPro is arguably the world’s largest
production force in the form of our customers and arguably, one of the
world’s largest ambassador movements."
● Are there any social curation sites that you can think of?
● What about the categories that these sites might fit into?
Reviews Forums Publishing Bookmarking
Live Streaming Platforms:
Meerkat, Periscope, Facebook live
● “In the Moment”
● Creating interaction, in real time.
HOW DO YOU MAKE
$25,000,000,000USD expected worldwide by 2019
57%Of consumers interested in making a purchase
245m unitsWearable devices to be shipping by 2019
Smartwatches / Fitness Trackers
These devices provide
notifications, extend smartphone
functionality, and log daily fitness.
A large assortment of
technologies aimed to monitor,
log, and transmit medical data
to improve a user’s well being.
Overlaying digital information
over a user’s visual view to
3 Elements Leading to Popularity
1. Meaningful Content
2. Convincing realistic interactions
3. Unique value
Military, city planning, medicine,
advertising, interior design
“NEXT BIG THING”
Tourism, Entertainment, Social
Christensen, C. (2012). Disruptive Innovation. http://www.claytonchristensen.com/key-concepts/
Drucker, P. (2002). The Discipline of Innovation, Harvard Business Review.
Econ in Motion. (2014). Video: Creative Destruction – Econ in Motion
Harvard Business Review. (2008) Video: “How to Spot Disruptive Innovation”
Javornik, A. (2016) The Mainstreaming of Augmented Reality, Harvard Business Review.
https://hbr.org/2016/10/the-mainstreaming- of-augmented- reality-a- brief-history
Orland, K. (2016). Will high-priced headsets kill mass-market virtual reality in its crib?, ArsTechnica
Pol, E & Carroll,P. (2006). An Introduction to Economics with Emphasis on Innovation.
Startup Grind. (2013). Video: Clayton Christensen - Innovators Dilemma a Startup Grind 2013.
Walker, B. (2015). Innovation vs. Invention, WIRED.com. https://www.wired.com/insights/2015/01/innovation-vs-invention/
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