The question is, will technology ever run out of innovation? It has been argued that there is a limit to human potential, and the world is rapidly approaching that limit. We’ve seen many examples of the rapid growth of technology, but how much more can be done to keep pace with these new developments? The following are some of the issues that we need to consider:
Imitation – While imitation may feel like an admission of defeat, innovation is about both imitation and invention. Steve Jobs first got the idea for the mouse from Xerox. As a result, stealing ideas from others can be a great way to come up with new ideas. Today, global companies must be prepared to imitate. Regardless of whether it feels like copying is a form of denial, it’s crucial to be willing to be innovative.
New technologies – While some new technologies disrupt industries, others may suppress them and preserve the status quo. The internet, for example, disrupted the newspaper industry and the DVD industry. This has led to an increase in innovation. In some cases, innovation may be limited by the size of the dominant firm, but this should not be the case. If the pace of new technology slows down, it could mean that a major company will become more specialized and less disruptive.
Automation – The development of robots and artificial intelligence will make many jobs obsolete. Some of the jobs that will be eliminated by automation are not inherently technological. People with computer programming skills will likely be more profitable than those with physical labor skills. The next wave of creative destruction could bring more destruction than innovation. The question then is: Will technology ever run out of innovation? If so, how much will it take to innovate?