Steve Jurveston – The Pace of Innovation Never Falters Innovation and entrepreneurship are thriving.
Interesting piece from one of my favorite VC’s, Steve Jurveston.
Introduction (via Tech Review)
Innovation is critical to economic growth and progress, and yet it seems so random. But if we step back, a pattern emerges. The pace of innovation is accelerating and is exogenous to the economy. At Draper Fisher Jurvetson, we see that pattern in the diversity and quality of the entrepreneurial ideas coming into our offices. Scientists do not think more slowly during recessions. Startup proposals seem better during downturns.
For a model of the pace of innovation, consider Moore’s Law–the annual doubling of computer power or data storage capacity. As Ray Kurzweil has plotted, these increased exponentially from 1890 (with punch-card computing) to 2010, across countless technologies and human dramas. Most recently, we have seen Moore’s Law revolutionize the life sciences, from genomics to medical imaging, and work its magic in ever bigger and more diverse industries.
Technology’s nonlinear pace of progress has created a juggernaut of perpetual market disruption, spawning wave after wave of opportunities for new companies. Without disruption, entrepreneurs, and VCs like me, would not exist.
During previous recessions, false oracles declared innovation dead because they did not see any in mature industries like enterprise software. Predictable and stable industries resist new entrants. Entrepreneurs and VCs have to follow disruption across markets. Many of the TR50 will no doubt lead the way.
