Entreprenuerial Innovations

Entrepreneurial Innovations

Julee Abrahamson

OMM 614: Innovation and Entrepreneurship

June 17, 2013

Dr. Diane Hamilton

Technology has changed the lives of how people all over the world in the way they live their daily lives. We are a global economy and this known fact comes through television, the classroom, and the Internet. As innovation takes an existing idea and makes it even better, or adaptable to a particular situation or need, it has created a shift in the way organizations do business. Two types of impact technology has had is in the creative disruption of a business and on social change. These changes are not necessarily negative but preparing for the challenge of the impact can be uncomfortable for organizations and individuals.

Creative disruption, as pointed out in the Week 1 Discussion 1 post by Abrahamson (2013), is a part of the progressive philosophy any business entertains as they compete to grow within an industry. There are always casualties and that is weighed against the financial and personal satisfaction that an entrepreneur or business gains. Often times the public is not aware of the negative impact an innovation has on employee unless it is someone they know or news worthy. Due to the impact technology has had on every aspect of life (medical to aerospace to education to video games) not all of it is negative but adjusting to the new way of doing things can be (James Manyika, 2013).

McKinsey & Company, a management consulting firm, has focused the company on addressing some of the world’s most pressing concerns, some of which are those companies that will impact social change through disruptive technologies. They have identified 12 technologies that will drive massive economic transformations in the coming years. The report came from McKinsey Global Institute and pointed out that it could have an impact of $14 trillion to $33 trillion per year by 2025. These industries range from DNA research to robotics to energy storage...