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What is Innovation, Really?

By: Brian Wallace



As the saying goes – innovate or die. But what impact does innovation have in real life? Sure, it is fine to be creative but does that really make a difference? Research says that our average standard of living has increased substantially since we chose to innovate.

An average household owns 1.88 cars, 90% of Americans have central air, and 24% of Americans have the means to eat out several times a week contributing over a third of their food budget to takeout. This is in direct correlation to the rise in the U.S. GDP and an over ten percent decrease in poverty since 1959. But these stats still beg the question: What is innovation?

Innovation is the freedom we have to follow our thoughts and ideas. It is the power we have to have our own ideas and have those ideas be mutually beneficial to others. Innovation is the freedom we received from our conversion to the Bourgeois Deal. The Bourgeois Deal was motivated by innovation. No longer did they have to report to an Aristocrat now, they had the ability to be whom they choose. Innovation is the central theme of American society today. 

Every American knows the tenants of the Constitution: rights to private property, free markets, open political system, honest government, and a dependable legal system. As Americans, not only do we know these rights but we also know that if these are violated we have the right to abolish and restart our government and economic system. The right to abolish is the right to innovate. Innovation is a choice that we have, a choice that has made our country prosperous. 

While all these rights are necessary for the Bourgeois Deal to exist, they are not responsible for the relationship these two things have with prosperity. This is where innovation is crucial. In order for the Bourgeois Deal to succeed we have to be willing to change the conversation around the free market. We have to make a conscious choice to change. Prosperity can only prevail if we change the conversation in not only the way we think, but the way we talk. These conditions must exist if we want to change the overall world income. But how did America get there? 

The simple answer to the questions is by mistake. Through a series of historical accidents we were forced to redefine the purpose of innovation in our government. We used innovation to create a competitive republic of ideas, disseminated those ideas through the free press, and used these ideas to help others flee the Aristocracy.

Innovation through conversation led us to gain overall higher income levels, a 9900% increase in the standard of living, and a greater emphasis on displays of virtue. Innovation has allowed everyone to be merchants, this philosophy has offered opportunities for women, people of color, and diverse groups to create instead of being excluded. Innovation is opportunities, it’s change, it’s conversation, but most importantly it is the ability to be who we want for the benefit of all. 

Check out the visual deep dive below on how to become an entrepreneur:

Becoming An Entrepreneur
Source: EdSmart.org

Published: February 23, 2021

Source: Infographic reprinted with permission of Edsmart.org

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Brian Wallace

Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-2018.

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