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April 20, 2011

We Innovate... Don't We?

A quote in a recent Businessweek article about the latest tech bubble really struck me.

Hands waving and voice rising, he says that venture capitalists have become consumed with finding overnight sensations. They've pulled away from funding risky projects that create more of those general-purpose technologies - inventions that lay the foundation for more invention. "Facebook is not the kind of technology that will stop us from having dropped cell phone calls, and neither is Groupon or any of these advertising things," he says. "We need them. O.K., great. But they are building on top of old technology, and at some point you exhaust the fuel of the underpinnings."

I've been thinking quite the same thing for some time now. I think you can throw in the move to a service economy (and thus, away from manufacturing), as well as our focus on finance as a major "industry" into this mix of why our economy is tanking.

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April 2011

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