The Needs of the Modern Day Innovation Economy
“There is a way to do it better. Find it”
- Thomas Edison.
The question is, did we?
From the wheel to self-driving cars, phones that require assistance to phones that provide assistance, computers occupying rooms to those fitting on a palm, we have come a long way with our ideas and innovations, haven’t we? Digital innovations, robotics, AI and machine learning technology are all a result of this progress.
But the question today is-have we really found a ‘better’ way of doing things? Or did we replace ‘better’ with ‘easy’ without considering the impact, purpose and sustainability of our innovations?
Unfortunately, we did. The progress up to today did not only disrupt markets and industries but also disrupted lives. The emerging and urgent need to reverse the damage due to disruption has led to the founding ofRestorative Innovation.
Restorative Innovation is a framework & a model of new strategies and concepts that are designed to restore health, humanity & the environmentin addition to creating & capturing value for the innovator.
In the age of disruptive, restorative is the new and much needed approach to innovation. It hopes to not only add value to the business and customer but also to the society, environment, health and humanity in general. It recognizes the fact that amidst all the technology and development, we need balance to counteract the negative effects of this progress.
There is a fundamental flaw in the traditional business and innovation process. It comes from the ‘or’ school of thought- where decisions need to be made between ‘gain’ or ‘good’. Do I progress and move ahead or restore and stay back?
There are champions and businesses who have successfully brought together the two alternatives together with their ‘and’ approach. They showed the world that restoration doesn’t come at the cost of progress but is the driver of progress. From Tesla with its fuel-efficient products to New Luncher, a healthy lunchbox service, have combined business goals with restorative goals to do things the ‘better’ way in the truest sense.
Restorative innovation products are manufactured to satisfy the latent needs of customer. They are typically priced on the upper end of price value (but not a ‘luxury’ consumption). They create a dilemma for the customers (degree of latent needs vs. willingness to pay) against the mass priced alternatives. The products and services under this model of innovation, change this value equation. These are ideas which are inherently capable of spreading socially. They co-opt more adopters as the dilemma reduces in magnitude of difference.
Think of the first time you stepped into an organic food store when the concept of ‘organic and natural’ eating was new and not very popular. Do you remember being one of the first few people who stepped into the shop and decided that the items were priced at thrice the value of their inorganic counterparts? Today, years after the concept has been endorsed by fitness experts, doctors and celebrities, with more businesses practicing organic farming, the products are much more affordable.
Where are we headed?
Innovation today shapes the lives of future generations. Unfortunately, there is an alarming possibility that it will leave us devoid of a future. It is not too late to restore and repair the negative impacts. Innovation needs to benefit us all in more ways than we realize and know. The restorative model of innovation is key here.
We are happy to announce that we are launching The World Restorative Innovation Forum (WRIF). This is a flagship knowledge platform
to engage the foremost entrepreneurial business leaders and the general public to share and exchange knowledge on Restorative Innovation through a series of talks. You can register here to attend.
You can also sign up now at www.restorativeinnovation.com/blog/jointhemovement for news and updates about Restorative Innovation.
Texts by Rachana Kilari
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