The word innovation has become ubiquitous, but it often means different things depending on who you’re talking to. In this talk, Efosa Ojomo, coauthor 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 hightech, overly advanced, or even entirely new, and is therefore different from invention. From an economic development standpoint, innovations can be categorized as being marketcreating, sustaining, or improving efficiency.
His talk will focus on the power of marketcreating 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. Marketcreating 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 marketcreating innovations can scale more quickly today than ever before.