Digital disruption is changing the world as we know it. We try to understand and get a handle on it. But because it is all-pervasive, considering digital disruption inside a narrowly defined box is difficult. In this blog post, Efosa Ojomo has some insights which I believe can be useful for you as a business leader.
Here are the six signs of an entrepreneurial society he identifies. I have included some insights into how these apply to you:
“Innovation precedes regulation, not the other way round.”
There are too many examples of regulation hampering much-needed innovation. Innovation requires a closer relationship between regulators and innovators. And the former needs to be the supporting act, not the main character.
“Entrepreneurs and innovators are richly rewarded for their breakthroughs.”
Sometimes businesses need to innovate drastically. This requires executing large capital amounts. No entrepreneur will take a high risk, low reward approach.
“The government depends on the ingenuity of the innovators.”
Innovators are the taxpayers and employers of tomorrow. They are the creators of opportunity. No government is able to sustain itself financially without innovators and their success.
“Innovations are pulled into – not pushed onto — society.”
Innovation needs to become embedded in the culture of regions, communities, and society as a whole.
“Work is becoming more modularized.”
How do modular workers build skills? Why should they live in a specific location and become part of society and the overall tax base?
“The society is either prosperous or is on a clear path toward prosperity.”
The author leaves no room for the middle-of-the-road approach, which makes sense given how fast regional economies and societies have to adapt right now.
For more, refer to the original HBR blog post.