I write here some references to theories about Innovation that seem relevant to me, not for historical reasons, but because I use each of these theories depending on the context in which I find myself, and all of them are current and make sense to me.
- Schumpeter’s theory of innovation: Economist Joseph Schumpeter proposed the concept of “creative destruction”, where innovation, particularly in the form of entrepreneurial activities, drives economic growth by replacing old industries and technologies with new ones. He highlighted the role of entrepreneurs as key drivers of innovation.
- Diffusion of innovations theory: developed by Everett Rogers, this theory explores how innovations spread through society. It classifies individuals into groups based on their willingness to adopt new innovations, including innovators, early adopters, early majority, late majority, and laggards.
- Open innovation: Coined by Henry Chesbrough, this theory challenges the traditional model of closed innovation by emphasizing the importance of collaboration and knowledge sharing with external partners, such as customers, suppliers and research institutions, to drive innovation.
- Resource-based view (RBV): This theory, often applied in the context of business and strategy, suggests that a company’s unique resources and capabilities are essential for sustained competitive advantage and innovation. Innovations arise from the effective use of internal resources.