20+ years ago, less than 3% of the world’s population had mobile phones and less than 1% were on the Internet. If we limited ourselves to those numbers, we would have missed out on the market today…Where it 2/3 and 1/3 respectively (Source: McKinsey).
Contrast that with the next 10 years, when survey respondents said Artificial Intelligence will:
- 45% – sit on a corporate board of directors
- 75% – complete a third of corporate audits
- 78% – drive 10% of US vehicles
(Source: The World Economic Forum’s Global Agenda Council on the Future of Software & Society)
Companies need to reframe the constraining beliefs that underlie prevailing modes of value creation. Opportunistic adaptation drives innovation:
- Target – pay extra for designer clothes at a discount store
- Apple – buy electronics in stores after Dell trained them to buy virtually
- Wikipedia – be the 4th most visited website with only 22 employees since users contribute content
- Adobe – build recurring revenue through a subscription process instead of one-time sale
What constraining beliefs are limiting your innovation?
