Hiconomics

I am naturally interested in this article in the WSJ because of my research in the field of Open Innovation. But I think what Brynjolfsson and Schrage have to say here, about how the speed at which technology operates (especially with the RealTime features of the web) is helping speed up the pace of innovation itself, is quite relevant at a broader level, and should interest more than just geeky academics.

Here is an excerpt to get you a bit more excited:

But the essential point remains: Technology is transforming innovation at its core, allowing companies to test new ideas at speeds—and prices—that were unimaginable even a decade ago. They can stick features on Web sites and tell within hours how customers respond. They can see results from in-store promotions, or efforts to boost process productivity, almost as quickly.

The result? Innovation initiatives that used to take months and megabucks to coordinate and launch can often be started in seconds for cents.

And that makes innovation, the lifeblood of growth, more efficient and cheaper. Companies are able to get a much better idea of how their customers behave and what they want. This gives new offerings and marketing efforts a better shot at success.

You can read the rest here…

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innovation, open innovation, realtime