Digital Media and Innovation takes an in-depth look at how smart, creative companies have transformed the business of media and telecommunications by introducing unique and original products and services. Today’s media managers are faced with the same basic question: what are the best methods for staying competitive over time? In one word: innovation. From electronic commerce (Amazon, Google) to music and video streaming (Apple, Pandora, and Netflix), digital media has transformed the business of retail selling and personal lifestyle. This text will introduce current and future media industry professionals to the people, companies, and strategies that have proven to be real game changers by offering the marketplace a unique value proposition for the consumer.
Chapter 1: Innovation and the Power of a Good Idea
Innovation and the Power of a Good Idea
If I have seen further it is by standing on the shoulders of giants.
There is one thing stronger than all the armies in the world, and that is an idea whose time has come.
The lessons of business history have taught us that there is no such thing as a static market. There are no guarantees of continued business success for companies regardless of their field of endeavor. In 1942, economist Joseph Schumpeter introduced the principle of creative destruction as a way to describe the disruptive process that accompanies the work of the entrepreneur and the consequences of innovation. In time, companies that once revolutionized and dominated ...