creative destruction


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creative destruction

The growth of certain industries and disruption of others when a revolutionary new idea takes hold. Automobiles severely impacted the use of horses. Big retail chains caused the demise of many small businesses. As a result of digital technology (personal computers, Internet, mobile devices, etc.), business and society have changed dramatically and continue to do so. See technology gap.
References in periodicals archive ?
The other participants include angel investors from the Creative Destruction Lab program and the Houston area.
If there's a takeaway, it's an echo of Schumpeter's observation about the marketplace's gale of creative destruction, in which economic structures are constantly destroying themselves and being created anew.
In Capitalism in America: A History, Greenspan and Wooldridge sketches American economic history through the lens of Schumpeterian Creative Destruction. The result is, to be polite, a mixed bag.
Ultimately, centralization, along with extractive institutions, prevents the process of creative destruction that political economist Joseph Schumpeter saw as a driver of innovation and growth.
Agrawal, the Geoffrey Taber Chair in Entrepreneurship and Innovation and Professor of Strategic Management at the University of Toronto's Rotman School of Management, currently serves as academic director of the university's Creative Destruction Lab (CDL), where he oversees operations across multiple sites in Canada and the United States that help incubate start-ups employing artificial intelligence (AI) and other technologies to address real-world problems.
The problem that emerges in this economic structure is one of creative destruction. Given the forces of technological change, the process of creative destruction as described by Joseph Schumpeter, only accelerates, as the effects of destruction are felt immediately, whereas the seeds of prosperity take years, if not decades, to bear fruit.
Their prescription for American renewal -- reining in entitlements, instituting fiscal responsibility and limited government, deregulating, focusing on education and opportunity, and above all fostering a fierceness in the face of creative destruction -- was Republican orthodoxy not so long ago.
Their concerns could be real but the time for "creative destruction" (4,5,6) on the healthcare landscape has come.
"To avoid a populist backlash we need to design policies for those left behind by creative destruction."
MONTREAL: Creative Destruction Lab (CDL) - Montreal and BMO Financial Group announced a new partnership to help innovators transition from science projects to high-growth companies.
BMO Financial Group and Creative Destruction Lab, or CDL, - Montreal announced a new partnership to help innovators transition from science projects to high-growth companies.

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