The Rise of Innovators, The Growth of Firms [Video]

Our program begins on Monday – I am asking you to get ready. It would be an excursion into the mechanics of markets. Innovation wins territories. It is about Growth through innovation on market systems, processes and mechanisms. Join this excursion.

As Monday arrives for Tekedia Mini-MBA, I have two questions today: (1) Why do we need to have companies? (2) Why did extremely intelligent people who crafted the fundamental constructs of chemistry, physics and mathematics die (relatively) poor, centuries ago? Share your answers below as we co-share and co-learn.

Let me begin by attempting: We need companies because companies are huge forces which make it possible for us to fix frictions (impediments) in markets. Because demand and supply cannot effectively come into perfect equilibrium due to the friction between them, companies emerge to help. Linkedin has fixed a friction, making it possible for me to write and for you to read, and vice versa. For that, LinkedIn exists, as it has a purpose to fix professional connection friction in markets.

#1 – Let me begin by attempting: We need companies because companies are huge forces which make it possible for us to fix frictions (impediments) in markets. Because demand and supply cannot effectively come into perfect equilibrium due to the friction between them, companies emerge to help. LinkedIn has fixed a friction, making it possible for me to write and for you to read, and vice versa. For that, LinkedIn exists, as it has a purpose to fix professional connection friction in markets.

#2: Those pioneers were inventors – most did not address any market friction. They just did experiments on physics, chemistry and solved mathematical challenges. But they did not translate those solutions into solving people’s problems (or frictions in people’s lives). Coming up with great ideas does not put money in the pocket. It is only when you have fixed problems by turning those ideas into products and services people buy. Until those products/services emerge, you cannot have growth because growth is possible when you sell things. Those pioneers sold nothing, and they could not make money. That explains why many were legends but were poor for their families to afford graveyard when they died. Today, INNOVATORS, not inventors, are turning those ideas and becoming wealthy people. Those innovators are fixing market frictions and earning revenue along.

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