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Something New Under the Sun a Special Report on Innovation L October 13Th 2007

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Something New Under the Sun a Special Report on Innovation L October 13Th 2007 Something new under the sun A special report on innovation l October 13th 2007 Republication, copying or redistribution by any means is expressly prohibited without the prior written permission of The Economist The Economist October 13th 2007 A special report on innovation 1 Something new under the sun Also in this section Revving up How globalisation and information technology are spurring faster innovation. Page 3 Can dinosaurs dance? Responding to the Asian challenge. Page 4 A dark art no more Like management methods before it, innovation is turning from an art into a science. Page 6 The love-in The move toward open innovation is beginning to transform entire industries. Page 8 The fading lustre of clusters The best thing that governments can do to encourage innovation is get out of the way. Innovation, long the preserve of technocratic elites, is becoming more Page 11 open. This will be good for the world, argues Vijay Vaitheeswaran CRISIS is a terrible thing to waste, alent of 100 miles-per-gallon using alter- The age of mass innovation AVinod Khosla laments to Larry native energy. The charitable arm of Mr We are all innovators now. Page 13 Page. The two Silicon Valley luminaries are Page’s rm has already taken hybrid pet- chatting one evening at the Googleplex, rol-electric vehicles, like the Toyota Prius, the quirky Californian headquarters of and turned them into even cleaner plug Google. The crisis which Mr Khosla is con- in versions which can be topped up from cerned about is caused by carmakers’ ad- an electric socket. diction to oil and the consequent warming Mr Khosla believes clean cars, using ad- of the planet. The energy and car indus- vanced biofuels or other alternatives, will tries have not been innovative in many come about only through radical innova- years because they have faced no real cri- tion of the sort that Big Oil and Big Autos sis, no impetus for change, he insists. avoid. Risk and acceptance of failure are The two are plotting what they hope central to innovation, he argues, but the di- will be the next great industrial revolution: nosaurs typically avoid both. Big compa- the convergence of software and smart nies didn’t invent the internet or Google, electronics with the grease and grime of and much of the big change in telecoms the oil and car industries. Mr Khosla is also came from outsiders, he adds. kicking around his plans for getting chip Coming from almost anyone else such guys together with engine guys to de- talk would sound preposterous. But Mr Acknowledgement The author is grateful to the many velop the clean, software-rich car of the fu- Khosla and Mr Page are not ordinary busi- thoughtful people who shared their views with him. In ad- ture. Such breakthroughs happen only nessmen or armchair revolutionaries. Mr dition to those mentioned in the special report, he would like to thank John Denham, Kishore Mabhubhani, Dev when conventional wisdom is ignored Khosla helped to found Sun Microsystems, Patnaik, Ken Zita, Douglas Horn and experts at the World and cross-fertilisation encouraged; man- a path-breaking information-technology Bank, OECD and World Economic Forum. Special thanks go aged conict, in his words. rm, and he went on to become a partner to the generous organisers of two distinctive conferences, "Sci Foo" and Technology, Entertainment, Design (TED), Mr Page, co-founder of Google, had ear- at Kleiner Perkins, a venture-capital com- which manage to capture the essence of innovation. lier hosted a gathering of leading environ- pany that was an early backer of Ama- mentalists, political thinkers and energy zon.com, America Online and many other A list of sources is at experts to help shape an inducement to get pillars of the internet economy. Mr Page’s www.economist.com/specialreports things moving: the Automotive X Prize, to Google is one of the internet’s biggest suc- be unveiled in early 2008. The organisers cess stories. At 34 he is a multi-billionaire. will oer at least $10m to whoever comes But these men are from Silicon Valley; An audio interview with the author is at up with the best ecient, clean, aord- and Silicon Valley is not America. It is www.economist.com/audio able and sexy car able to obtain the equiv- tempting to dismiss such breathless talk of1 2 A special report on innovation The Economist October 13th 2007 2 revolution as just more hype from people concept of fast-food popularised by Mc- a decent chance of being turned into a pro- who are seeing the world through Google Donald’s, for instance, involved running a duct and brought to market. goggles. After all, go beyond the rareed air restaurant in a dierent way rather than So why does the generation and han- of northern California and the rules of making a technological breakthrough. dling of ideas matter so much? We rmly gravity are no longer suspended. The well- However, innovation can involve plenty believe that innovation, not love, makes established industries which they mock of clever gadgets and gizmos. the world go round, insists John Dryden still move at their usual but reliably glacial One way to arrive at a useful denition of the OECD. Corny perhaps, but studies pace, right? is to rule out what innovation is not. It is do show that a large and rising share of Well no, actually. Rapid and disruptive not invention. New products might be an growthand with it living standardsover change is now happening across new and important part of the process, but they are recent decades is the result of innovation old businesses. Innovation, as this report not the essence of it. These days much in- (see chart 2). Innovative rms also tend to will show, is becoming both more accessi- novation happens in processes and ser- outperform their peers. We’re not discov- ble and more global. This is good news be- vices. Novelty of some sort does matter, al- ering new continents or encountering vast cause its democratisation releases the un- though it might involve an existing idea deposits of new minerals, Mr Dryden tapped ingenuity of people everywhere from another industry or country. For ex- adds. Indeed, the OECD’s experts believe and that could help solve some of the ample, Edwin Drake was not the rst man that most innovation has been caused by world’s weightiest problems. to drill for a natural resource; the Chinese globalisation and new technologies. The seditious scene from the Google- used that technique for centuries to mine Analysis done by the McKinsey Global plex also captures the challenge this salt. But one inspired morning in 1859, Col- Institute shows that competition and inno- presents to established rms and de- onel Drake decided to try drilling for oil in vation (not information technology alone) veloped economies. For ages innovation Titusville, Pennsylvania. He struck black led to the extraordinary productivity gains has been a technology-led aair, with gold and from his innovation the modern seen in the 1990s. Those innovationsin most big breakthroughs coming out of oil industry was born. technology as well as products and busi- giant and secretive research labs, like Xe- ness processesboosted productivity. As rox PARC and AT&T’s Bell Laboratories. It The men in white coats productivity rose, competition intensied, was an era when big corporations in de- The OECD, a think-tank for rich countries, bringing fresh waves of innovation, the veloped countries accounted for most says innovation can be dened as new institute explains. R&D spending. products, business processes and organic That is why innovation matters. With North America still leads the world in changes that create wealth or social wel- manufacturing now barely a fth of econ- research spending (see chart 1), but the big fare. Richard Lyons, the chief learning of- omic activity in rich countries, the knowl- labs’ advantage over their smaller rivals cer at Goldman Sachs, an investment edge economy is becoming more impor- and the developing world is being eroded bank, oers a more condensed version: tant. Indeed, rich countries may not be by two powerful forces. The rst is global- fresh thinking that creates value. Both hit able to compete with rivals oering low- isation, especially the rise of China and In- the nail on the head, and will serve as the cost products and services if they do not dia as both consumers and, increasingly, denition in this report. learn to innovate better and faster. suppliers of innovative products and ser- According to popular notion, innova- But even if innovation is the key to vices. The second is the rapid advance of tion is something that men wearing white global competitiveness, it is not necessar- information technologies, which are coats in laboratories do. And that’s the ily a zero sum game. On the contrary, be- spreading far beyond the internet and into way it used to be. Companies set up verti- cause the well of human ingenuity is bot- older industries such as steel, aerospace cally integrated R&D organisations and tomless, innovation strategies that tap into and carmaking. governments fussed over innovation poli- hitherto neglected intellectual capital and What is innovation? Although the term cies to help them succeed. This approach connect it better with nancial capital can is often used to refer to new technology, had successes and many companies still help both rich and poor countries prosper. many innovations are neither new nor in- spend pots of money on corporate re- That is starting to happen in the develop- volve new technology.
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