Joseph Schumpeter is famous for coining the phrase “creative destruction.” And in the context of what many people consider a tech bubble, it is probably a good idea to think about what this concept means currently….
1. As tech matures, and we more fully embrace our technology companies…we should make an effort not to wed ourselves too heavily to one piece of the industry like social media, apps, or mobile. It is likely that just in the way that we never would have considered the impact of these platforms on our businesses and our lives even 10 years ago, it is also just as likely that we don’t have any idea what the next 10 years is going to hold.
2. The idea of “creative destruction” is just like evolution…in that what we are doing today is really just a jumping off point for what we are going to do in the future. So while it is easy to get caught in the idea that Apple will continue to innovate, the iPhone will still be the standard of phones, or Twitter will continue to change the way we communicate…don’t forget that we also saw the fall of Microsoft, BlackBerry, and MySpace.
3. Finally, because of the constant change of capitalism…it is essential that you constantly innovate and invest in innovation. If you do not, you will find yourself suffering and falling behind.