The History of Innovation Cycles

In today's environment of rapid change, innovation is a topic worthy of increased thought, action, and discussion

Here are some articles worth a look to get started:

• Can You Afford To Think Linearly In This Exponential Age? 
• Gartner's 2020 Hype Cycle For Emerging Technologies
• Getting To Next: How Thoughts Become Things

Too often, people view Innovation through the lens of today (meaning, they evaluate where things are in relation to their hype cycle or adoption model. While helpful, these methods focus on shorter-term trends.  Sometimes, a longer view helps too. 

Let's look at the pace of innovation, and how the long waves of innovation are truncating faster. 

 

via Visual Capitalist

The theory behind these long waves of innovation is based on creative destruction. To summarize a complex theory, as markets are disrupted, a few key clusters of industries have a major effect on the economy and the future structure of society.

An easy-to-understand example is that as railways proliferated, urban growth happened around stations. To a lesser extent, it happened with aviation as well.

The most recent example would be the transition of businesses online. I think it's likely that the COVID pandemic moved forward the timeline for the 6th wave considerably, as individuals get used to a new normal. 

Despite the pain and challenges of new technologies, each of these waves brought economic growth and improved living standards. 

ESG and green tech are becoming more important (and, perhaps, a driver of the 6th wave).  Nonetheless, I think the major movers will be AI and the decreasing divide between digital and physical.

In many respects, I believe AI will terraform the world similarly to how electricity (or the Internet) did - but in much less time. 

What do you think?