A video from Nokia documents the 5 years of work and innovation by the 50 person Nokia team that went into the 41 megapixel camera of the Nokia 808 Pureview: The video introduces you to the Nokia team members pursuing their purpose of innovation and new technology products. The results of their pursuit of purpose is amazing innovation that is sure to trigger some creative destruction in the global cell phone and tablet market. The narrative of the video, and the ‘voice’ stresses the ways in which the team worked closely together, attending to the intimate detail of the product development.
Schumpeter was an expert on the Kondratieff long wave and smaller business cycles and saw innovation and creative destruction as playing an integral role in the rise and fall of both the business cycle and the global economic long wave cycle of global boom and bust. Schumpeter penned the following on the role of innovation and creative destruction in the capitalist process.
‘Capitalism […] is by nature a form or method of economic change and not only never is but never can be stationary. The fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers’ goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates. […] The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as U.S. Steel illustrate the same process of industrial mutation […] that incessantly revolutionises the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in and what every capitalist concern has got to live in.’
These macro conjectures on capitalist innovation and creative destruction are lived out day in and day out in the lives and work of the research and development teams of companies. Apple is drubbing the completion at present. The innovation of Apple has played a role in undermining the market dominance of Nokia, forcing them to do some serious corporate soul searching and sending them back to the drawing board. Nokia is now striking back with some dazzling innovation of their own.
(based on material from www.marketoracle.co.uk)
Slingshot