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THE ROLE OF TECHNOLOGY IN INNOVATION

01 October 2012

The following post was originally written for Virgin Media Business.

Technological innovation is essential for the growth of business and economy. In the last year we have heard about how money is not trickling down from the 1%, however, if we do not create new products and services money has nowhere to trickle down to. This is where the role of technology proves to be incredibly relevant. It is allowing people to connect on a world scale, which means that the decimation of knowledge is happening at a much faster rate.

At THECUBE, we are using it to connect with entrepreneurs and collaborators from all over the world, which allows us to innovate in an open manner rather than myopically. The diversity of knowledge which is being swapped thanks to technology is leading to the generation of much stronger and relevant ideas. Technology is allowing entrepreneurs to create business at much lower entry points. Things like open source, where technology is freely shared, allows people to create products in weeks rather than years and for the fraction of the cost. For example, publishing a book used to require a large marketing budget and a contract from a big publishing house, now you can use software like Lulu and social media to launch a book in the fraction of time and expense. Finally, there are tech companies like Makerbot Industries that are facilitating rapid prototyping for SME’s and rogue inventors. This ease will hopefully allow entrepreneurs and inventors to create amazing new things, which will eventually lead to an economic shift.