It’s not what you invent, but what you do with it, that drives economic success.
At the heart of his argument is the idea that technological innovation is important for economic development. As important, though, if not more so, is the ability to apply that innovation creatively.
“The largest benefits,” Prof. Bhidé says, “will accrue to those economies that are most capable of taking advantage of these [technological] advances.”
His argument comes at a particularly critical point for American business, which faces ever-increasing technological competition from China and India and the potential for new government policy on research from the incoming Obama administration.
Prof. Bhidé argues that “midlevel innovation” is of greater competitive value than high-level research to companies.
“It is breadth of knowledge,” says Prof. Bhidé, “that underpins this ability to take advantage of innovation.”
His theory bodes well for MBA students, whose breadth of general management knowledge will be of increasing value in the corporate business world.
“The MBA education,” he says, “teaches you to think broadly and quickly about a variety of things.”