Genesis

Although technology is at the core of creating new wealth, the path of turning innovative ideas into wealth is highly uncertain, and also full of ploys. In a market economy, technological waves are increasingly opening as well as closing opportunities to turn innovative ideas into product and process features forming new wealth. Uncertainties created by technology growth, competition, and policies pose a significant challenge to the journey in taking ideas to market at profit. Interpreting such dynamics for predicting unfolding future is crucial to succeeding in profiting from ideas. The progression of technology innovation is creating new security concerns and also increasing inequality.

Despite the dedication, technical competence, and creativity, why do more than 90 percent of start-ups fail in taking ideas to market at profit? Is innovation an illusion for hunting ideas to suffer loss? Is it all about Eureka moment or sudden spark?  Are innovations just magical outcomes of creative minds?  Or, are there patterns in the dynamics of technology and innovation to understand the past, interpret the present and predict the future so that systematically steps could be taken to turn ideas into wealth? Other than providing finance for education, R&D, start-ups and infrastructures, and support for intellectual property rights, are there roles of broader economic policies and cultural values in profiting from innovation?

As opposed to the limited capacity of raw material and labor, technology innovation has the underlying strength to open the endless frontier of wealth creation. To meet growing consumption with depleting resources, technological innovation is our primary means. But in a competitive economy, science&technology competence, intellectual assets, and creativity do not naturally get converted into wealth. Rather, irrespective of the greatness of ideas and the strength of underlying technology core, innovation has a natural tendency of generating loss-making revenue. Often such revenue trend gets caught into an inescapable loss-making trap, ending up the innovation journey. With the growth of technology and interest in innovation, having innovative ideas is longer a challenge. In a globally connected, competitive economy rather taking technology innovation to market at profit is a tough job. To turn the latent potential of innovation into a profitable business, a series of rational decisions should be taken in the midst of uncertainty. Moreover, policies should be put in place supporting the enabling ecosystem for creating the market for innovation. To do so, should we be magicians? Knowing the pattern in the dynamics of technology progression, innovation, and policies shaping the enabling environment helps in dealing with such a challenge in growing ideas into a profitable business–creating new wealth.

Is technology innovation benign? Is it a tool for a few to be super rich at the cost of mass? Does it create an imbalance and risk our security? Is it our only option in creating increasing wealth from depleting resources to meet growing consumption to support the progression of the human race? Does it offer the opportunity to every individual and country to be highly prosperous?

How to take the advantage of technology innovation to (i) create increasing wealth, (ii) serve a greater number consumers by offering better quality products at lower price, (iii)  increase net supply of quality jobs, (iv) cause less harm to the environment, (v) make us less vulnerable as opposed to more, (vi) decrease inequality,  (vii) increase inclusive as well as equitable participation in wealth creation and consumption, (viii) generate a profit, (ix) produce tax revenue, and (x) reduce stress on natural resources in market economy is a serious challenge for us.

It appears that major actors, in particular, and the society as a whole are not adequately empowered to confront such multifaceted issues affecting the technology innovation led wealth creation–molding our collective well being and progression. Realization of such a veracity forms the genesis of this publication. It’s the culmination of numerous analysis and views shared through teaching, advisory services, Facebook Group, blog and Linkedin posts, and op-eds. Instead of being at the hand of the mercy of machine, inequality, magical outcomes, eureka moment, monopolistic market power, and not so smart policies, it’s time to empower us to benefit from the endless frontier of wealth creation from technology and innovation.