Innovation Waves Predict the Future

Some define innovation as “creative destruction.” Or, maybe you like “disruption” as the kinder way of talking about it.? Either way, the point is that innovation changes things in a way that impacts the status quo. It rocks the proverbial boat. It’s uncomfortable at times, for both the innovators and the rest of the market.?

It’s easy in today’s fast-evolving market to discount the psychological cost of standing out as a true innovator. It takes more than just being right or prescient or right-place, right-time lucky. It takes guts. You’ve got to be so invested in what you believe is right and good that you defy convention and commit everything to your vision of what’s possible, what’s best for the Channel and for your customers and for the future of technology.

Although history attests to these truths across ages, the idea of “creative destruction” is more recent. And, based on Visual Capitalist’s phenomenal infographic by Dorothy Neufeld, “Long Waves: The History of Innovation Cycles,” we can see that innovation happens on the local scale but changes the world on the global scale. Spend a few minutes with this infographic, and then consider these takeaways:

1) Waves of innovation are bigger than you think.

If you take in the entire context of innovation from First Wave British cotton mills through today’s Sixth Wave bleeding edge AI/ML capabilities, you have to grasp that innovation takes time. It involves multiple players. It unfolds. Any society-changing technology has to develop, to prove out its worth, and to reach a level of adoption that makes it mainstream rather than outlier. Your Big Idea is part of an impossibly larger trend that takes time to unfold. So, be patient and be present. Realize that you are part of something bigger than your specific idea or solution, and connect to that bigger purpose.

2) One innovation doesn’t last forever.

If you look at these trends of innovation, the movement from water and paper and iron to electricity and mass transportation to the complexities of the digital world… these changes all happened on a short timeline compared to the history of humanity. Each wave is shorter than the last. So, whatever your innovation, capitalize quickly and prepare for it to be outdated. As entrepreneurs, the ability to adapt and be flexible to market conditions is critical to your longevity.?

3) The future isn’t sudden or surprising.

What comes next in technological innovation is probably not a surprise to most of the people involved in it. As an entrepreneur, you already know the trends and capabilities and innovations that will shape tomorrow. Your opportunity is not so much in hidden knowledge as it is in market knowledge. If you figure out how to apply innovative technology to improve your customers' capabilities, cost-effectiveness, and market presence, you’ve created new confidence in your role as a trusted advisor.???

While the specific “waves of change” that will give your business new wind might vary, the principles of innovation dictate that your success is increasingly dependent on your ability to read the innovation cycle, adapt to the changing market conditions, and put your faith in the right technological advances at the right time. Yes, that probably involves some luck. But, if you study the innovation cycles, you will have a better understanding of where you are and where you’re going next.?