The word innovation has become ubiquitous, but it often means different things depending on who you’re talking to. In this talk, Efosa Ojomo, co-author of the groundbreaking book, The Prosperity Paradox: How Innovation Can Lift Nations Out of Poverty, will provide a clear categorization which explains the three different types of innovation. He’ll explain that innovation is not necessarily something that is high-tech, overly advanced, or even entirely new, and is therefore different from invention. From an economic development standpoint, innovations can be categorized as being market-creating, sustaining, or improving efficiency.
His talk will focus on the power of market-creating innovation – innovations which transform complicated and expensive products into products that are simple and affordable – and how they have potential to transform organisations and economies. Market-creating innovations have been the foundation upon which corporations and countries have built new growth engines that have triggered economic prosperity. By leveraging digital technology, some market-creating innovations can scale more quickly today than ever before.