10 May 2018
The power of letting go – how constantly disruptive innovation is here is stay
One always talks about letting go, in regard to relationships, when we are in a bad marriage, or a friendship ends, or someone hurts you. But I believe that this skill has uses beyond that. Isn’t Letting Go important when a new technology comes in and disrupts an old one, or when a competitor comes in and pushes us to completely rethink our business model? If we don’t Let Go, how can we start walking on the path of building something new again?
Although funding for start-ups and entrepreneurs is the key for business growth, the point of discussion here is how disruptive innovation is affecting the way a market or industry functions.
Today there is a big discussion on how intrusive technology has become in our lives, whether it is through the Facebook issue of our data being freely available to different sources or through our addiction to being constantly connected via our smartphones. And while it is very important for our personal data to be safe, I think there is a risk that all of us take when we decide to share our lives online whether it is through social media or through our Twitter or Linked In profiles. And while understanding that as technology develops our lives will never be the same again, no matter how much ever we may try very hard to hold on to the past; bringing in solutions to help mitigate that risk is also equally important. If for nothing else then to allow more disruptive technologies to be developed, which more and more people would be willing to try out and accept.
Each and every one of our industries are being disrupted today and while we may think that we are in a very unique time in history, mankind has always been innovating, from the time of the first car to the first light bulb. However, what we see for the first time in history today is how quickly an innovative idea is picked up and applied across the globe. The biggest disrupter today is the speed with which information flows across the world and the way in which people all over the world are connected and that I believe cannot be undone. In India, where the startup ecosystem is still developing, we talk about Indian startups being taken over by western companies and of businesses being more and more competitive due to ease of doing business, while another part of the world moves towards protectionism. But how much ever we may try to protect ourselves, or hope that the world will become less competitive, the flow of information cannot be curtailed.
The question for entrepreneurs today like it was in every century in our history, is do they have the skill of letting go of the way things were in the past and embrace the world of today? Is there enough funding for start ups in India and overseas to support disruptive innovation? A world where there will be a lot more competition, a lot more access to capital, a greater ability for businesses to transcend geographies and a lot more disruptive ideas constantly challenging our last one.And in all of this, the one skill that would be paramount is the power of letting go. Today we don’t need to innovate once but we need to innovate on a daily basis by letting go of how things were done yesterday to find a new way to do things today. But isn’t that the one skill that have made good entrepreneurs over the years, stand out from the crowd, in any case?