Creative destruction (innovation
waves):
"Creative destruction” is used
it to describe a process in which the old ways of doing things are
endogenously destroyed and replaced by new ways. Creative destruction
describes the "process of industrial mutation that incessantly
revolutionizes the economic structure from within, incessantly
destroying the old one, incessantly creating a new one."
Systematic innovation
Drucker writes that systematic
innovation means monitoring seven sources for innovative opportunity.
The first four lie within the enterprise; they are essentially
symptoms. The second set of sources for innovative opportunity
involve changes outside the enterprise or industry
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