Innovation in rapidly change social environment
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As complexity increases, managing change and innovation becomes increasingly difficult. Despite (or because of) easy availability of information, the ability to project future outcomes has moved from an environment of manageable risk to rising degrees of uncertainty. The speed at which information is transformed into actionable knowledge is not keeping pace with changes in the business environment.
Manageable risk implies that there is sufficient knowledge to at least quantify the probabilities of specific outcomes. Uncertainty, as characterized by Frank Knight (1921), suggests that the level of risk becomes unknowable. In this type of environment the time to learn becomes the fundamental restriction to effective innovation. New knowledge must be created to determine the changes (or improvements) that will provide benefit and meet goals.
Manageable risk implies that there is sufficient knowledge to at least quantify the probabilities of specific outcomes. Uncertainty, as characterized by Frank Knight (1921), suggests that the level of risk becomes unknowable. In this type of environment the time to learn becomes the fundamental restriction to effective innovation. New knowledge must be created to determine the changes (or improvements) that will provide benefit and meet goals.
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