A compound innovation model outlines various dimensions along which creativity might be generated to eventually build a successful inventive product and/or service.
Compound innovation allows us to develop sturdy and long-lasting solutions that are more than just a collection of technology. If we combine digital technologies to create solutions, we will be constructing our futures on silicon—on sand pillars. However, by combining technology and human components, we can lay the groundwork for today’s and tomorrow’s sustainable and profitable businesses.
The evolution of technology and the involvement of people in it
Technology has transformed our planet and our everyday lives throughout the years. Furthermore, aging technology has provided incredible tools and resources, placing vital knowledge at our fingertips.
Multi-functional gadgets such as the wristwatch and smartphone have been made possible by modern technology. Computers are becoming quicker, more portable, and more powerful than ever. Technology has made our life simpler, quicker, better, and more enjoyable due to all of these changes.
Humans and their qualities play an important function in trading IT goods and solutions. Technological progress generates a new environment in which human traits become more vital, and it is critical to strike a balance in this circumstance.
Human-centered perspectives and processes are at the heart of innovation. Technology may be used to execute innovation, but it does not create innovation. It may be a useful and effective tool for testing and iterating at a quicker and more efficient pace, but it is not the final product of the invention.
How is compound innovation affecting the future of technology and humanity?
Every year, technology advances quickly, bringing new ideas and groundbreaking projects to the market. At any given time, scientists, engineers, and brilliant minds are hard at work developing the next piece of futuristic technology that will transform our lives. Although it may seem that scientific development is stable, we have lived through a time of tremendous tech advancement in the last half-century.
There are compound innovations taking place right now that seem to have sprung directly from the pages of science fiction. There is a lot to anticipate from the realm of future technology, whether it be robots that can read minds, NFTS, bionic eyes, sweat-powered smartwatches, or lots of other mind-blowing technologies.
Compound Innovation Examples
- Robots used in manufacturing
- Automobiles that drive themselves
- Intelligent assistants
- Healthcare management that is proactive
- Disease tracing
- The automated financial investment
- Booking agent for virtual travel
- Monitoring of social media
- Tool for inter-team communication
- Marketing bot that converses
- Tools for Natural Language Processing (NLP)
The significance of compound innovation in propelling the growth
To be valuable, a new concept must be repeatable without being prohibitively costly and must address a specific need.
Innovation is vital for societal growth since it addresses these social issues and increases society’s ability to respond.
It is in charge of addressing community challenges sustainably and effectively, mainly via modern technologies. This innovative technology, goods, and services address a societal need while improving skills and making better use of assets and resources.