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Innovation in Real Places

summary ofInnovation in Real PlacesBook by Dan Breznitz

12 min
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You’ll learn

  • Why old business models collapse
  • How local focus boost economies
  • What sets invention apart from innovation
  • Why rethinking is the key to success

first KEY POINT

Technology opens doors, but it’s not the only way forward

The big technology companies, primarily based in Silicon Valley, have long been the industry leaders on the worldwide stage. We look toward them for new ideas, new products, and ways in which we can improve our lives and businesses for the better. It’s easy to understand why when you consider just how quickly technology develops. And with huge investment pouring in, it seems like there’s nothing we can’t do.Of course, to use the most sophisticated technology means being able to afford it in the first place. You could argue that’s partly why large-scale businesses continue to get richer and smaller companies struggle so much. Technology costs money.Dan Breznitz has long been an advocate for different types of innovation. He doesn’t think that we should always look toward international technology models and instead focus upon innovation we can create around us. Just because Apple is known to be the industry leader in computing, does that mean we always need to use Apple products? Just because Ford has long been known to be one of the best in the automotive industry, should we avoid any other company?

Technology allows us to dream the so-called impossible, but not everything needs to be copied or derived from Silicon Valley and its hugely successful tech companies.

Innovation in Real Places argues that we should look toward different types of development and assess what is best for us as a whole. Companies can make their own choices and focus upon their in-house innovation rather than always following a route set by Silicon Valley. The COVID-19 pandemic swept across the world and caused havoc over the last few years, and this has led us to question whether we should focus on development on quite so much of a global stage. In some cases, it just brings about more problems and roadblocks.This summary will help you understand what innovation is and how it can be pulled back from a global reach and centered more locally and nationally. You’ll also realize that focusing solely on technology doesn’t necessarily have to be the way forward. By shifting our mindset away from the global aspect of the issue, perhaps we can empower local communities to create their own far-reaching success stories.

second KEY POINT

There is a fundamental difference between innovation and invention

One of the biggest misconceptions is the difference between innovation and invention; many people assume them to be one and the same. We believe we first need to develop a brand new idea to be innovative, something nobody has ever thought of before. But, that’s not the case. Instead, innovation is about developing an existing idea, working to make something that’s already around into something better.Dan Breznitz argues that this misconception has created significant problems for businesses over the years. Rather than thinking outside of the box and looking at how their existing models can be tweaked and improved, they pour vast amounts of cash into technology and come up with brand new ideas. For many businesses, that simply runs them into the ground or ultimately stunts their growth.To understand why we can find innovation more locally than we assume, we need to understand the significant differences between innovation and invention. Of course, invention is coming up with a brand new idea. When Alexander Graham Bell invented the telephone, it was a unique idea that he hit upon and then developed. But innovation is different; it takes an existing idea and improves it.

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first KEY POINT

Local communities can be successful innovators too

second KEY POINT

The business world has its eyes closed to the significant potential for innovation all around them

third KEY POINT

Production stage specialization is the key to future growth success

fourth KEY POINT

Empower local communities, and everyone benefits

fifth KEY POINT

Conclusion

About the author

Dan Breznitz is known for his critical insights into innovation economics, emphasizing local solutions over global templates. His work challenges traditional views and promotes diverse development strategies to foster regional growth.

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Frequently asked questions

What is Innovation in Real Places: Strategies for Prosperity in an Unforgiving World about?

Innovation in Real Places: Strategies for Prosperity in an Unforgiving World, authored by the renowned expert in economic development, focuses on how communities can harness innovation to thrive amidst challenges. The book combines real-world examples with strategic insights, encouraging local leaders to adopt a proactive approach to economic growth and prosperity.

What are the key takeaways from Innovation in Real Places: Strategies for Prosperity in an Unforgiving World?

The key takeaways from Innovation in Real Places include the importance of resilience, collaboration, and leveraging local resources to drive economic success. The author emphasizes that understanding and adapting to local contexts is crucial for implementing effective strategies that foster innovation and boost community prosperity.

Is Innovation in Real Places: Strategies for Prosperity in an Unforgiving World worth reading?

Yes, Innovation in Real Places is definitely worth reading for anyone interested in economic strategies and innovation. It provides practical frameworks and inspiring case studies that can empower individuals and communities to navigate and succeed in challenging environments.

How many pages is Innovation in Real Places: Strategies for Prosperity in an Unforgiving World and when was it published?

Innovation in Real Places: Strategies for Prosperity in an Unforgiving World is approximately 240 pages long and was published on April 5, 2022. This length makes it a digestible yet comprehensive read for those looking to enhance their understanding of modern economic issues.

Who is the author of Innovation in Real Places: Strategies for Prosperity in an Unforgiving World?

The book is authored by the acclaimed economist and thought leader, Dr. Michael E. Porter. His extensive background in competitive strategy and economic development lends authoritative insight throughout the text.