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Is Innovation The Key To Fixing The Economy?


Why Is Innovation Important

While the economy flounders, like a fishing boat going out with twice its rated passenger load, there are a few speedboats available, but not where most people are looking.

The economy boat has more fisherman than it can safely handle, all of them waiting for the government to take them to the bounty. Unfortunately, the skipper is actually a committee that has no idea where the bounty is.

Self-starters and innovators never wait for the government to take them to the prime fishing spots. They do their own research and drive their own boats or joint venture with others. The best of them use teamwork to get there, pulling up others by their bootstraps.

Innovation is a lot more important than people think and to a great extent, the US has given up much of its leadership in innovation. Greed coupled with short-term thinking played a large part in that loss of leadership, and education has been shortchanged over the past few years. The problem is not underfunding, but misallocation, part waste, and part corporate and investor willingness to outsource overseas rather than support this country.

Thankfully, all is not lost.

What is Innovation?

Thanks to Wikipedia for the following instructive definition:
Innovation comes from the Latin innovātus which means to renew. Innovation can therefore be seen as the process that renews something that exists and not, as is commonly assumed, the introduction of something new.

IT Innovation Summit

Last month, the WhyITNow initiative arranged the IT Innovation Summit in conjunction with DeAnza Community College, California. The summit brought together leading information technology innovation experts and education professionals.

Bill Cullifer, the Executive Director of WhyITNow told NewsBlaze, "Surveys reflect that customers aren't as innovative as we think they are, so it is up to innovative companies, innovative educators and innovative government to show the way."

We know it also takes innovative drivers like Bill Cullifer and the WhyITNow initiative to bring together the groups that can make positive things happen on a larger scale.

Just think about all the jobs that would be available if businesses were more productive. Innovators generate ideas, implement solutions and systems and others trigger off those innovations, creating products, more ideas and more innovation.

While the rest of the economy is still in a funk, people who do most of their business on the Internet are booming. This is attracting more people to do business on the Internet every day. Innovative companies like ebates.com have been adding new staff all the way through the downturn according to Rob Smahl, ebates' Chief Marketing Officer.

Many offline companies are now connecting with internet marketers who use the Internet to benefit their business and community.

Web Innovation

The Internet is now so pervasive that many of us find it hard to imagine life without it. There are so many smart people connecting over the internet that web innovation is flourishing.

The web is an amazing space because it allows entrepreneurs and innovators to compete globally with anyone or any company. You no longer need millions of dollars in venture capital to try out an idea and you don't need an office to get started. The innovation garage is wherever you, your Internet device and your Internet connection are.

Most of the successful Internet marketers have learned over the years that, unlike most companies that keep things secret, there is more power in collaboration.

Attracting More Readers

A month ago, NewsBlaze was thinking about a way to attract more readers. We knew we needed programs to track progress, procedures to make it all work, and marketing to get it off the ground.

Whenever we consider doing anything these days, we ask Google if there is an existing solution, that could give us a head start or more ideas. It turned out someone else was ahead of us and not only did they have the idea, they tested it, had credible results and were rapidly turning into a v2 product and system.

Their product is innovation at its best. First, an idea, then a brainstorming and many more ideas, testing, then enhancing or discarding ideas, and eventually selection of a platform and development. This can continue in a loop as many times as needed, but hopefully, it results in a usable product in a reasonable timeframe.

Innovation takes many forms and is in many forums. We support the WhyITNow initiative because it is a catalyst that brings together so many players that are needed to get the USA back into a leadership position in innovation.

Innovation could be the key to fixing the economy.

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