American - Author | April 6, 1952 -
The process of writing 'The Innovator's Dilemma' entailed the developing a new theory. My colleagues, students and I have been improving that theory, and adding others to it, since that time.
Clayton M. Christensen
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A great book seeks to explain causality, not correlation. It works to point out the circumstances in which it works, and where it doesn't. And in so doing, it is broadly applicable.
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Empowering innovations transform something that is complicated and expensive into something that is so much more simple and affordable that a much larger population can enjoy it.
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Efficiency innovations arise in industries that already exist. They provide existing goods and services at much lower costs. They are not empowering. Efficiency innovators become the low cost providers within an existing framework.
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Efficiency innovations are a natural part of the economic cycle, but these are the innovations that streamline process and actually reduce the number of available jobs.
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Efficiency innovations provide return on investment in 12-18 months. Empowering innovations take 5-10 years to yield a return. We have ample capital - oceans of capital - that is being reinvested into efficiency innovation.
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To focus capital and entrepreneurship into empowering innovation, we should change is the capital gains tax rate. We would be better served by a regressive tax rate, that would become progressively smaller the longer the investment is held.
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A major driver of the cost of healthcare in the United States is a compromise that was reached with the American Medical Association in the 1960s when Medicare was first established.
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Funding that is focused on the ability to diagnose diseases precisely will just have inestimable value because that's the gate through which precision medicine has to go. Unless you can diagnose the disease precisely, care has to remain in the hands of expensive institutions and expensive caregivers.
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The first two lessons, which we learned early in our efforts to be good member missionaries, have made sharing the Gospel much easier: We simply can't predict who will or won't be interested in the Gospel, and building a friendship is not a prerequisite to inviting people to learn about the Gospel.
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Inviting others to help us with our work in the Church helps them feel needed and helps them feel the Spirit. When these feelings come, many people often then realize that something has been missing from their lives.
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When you're thinking about your next product or current product and wondering how to make it different so you don't have competition, understand the job the customer needs to get done.
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