creative destruction

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Creative Destruction

A concept in capitalist theory stating that innovation causes failure, but that failure, in turn, creates more innovation. For example, suppose someone invents a better widget. If he/she markets this widget effectively, he/she will eventually drive all previous widget manufacturers out of business. However, this forces older widget manufacturers to create their own innovations that will either keep themselves in business or improve their financial situations in other ways. This is considered one of the most important concepts in capitalism.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

creative destruction

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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The week-long conference, organised by the Ghana Institution of Engineers, the Ministry of Science, Technology and Innovation and Mastercard Foundation, served as the platform for technocrats and academia in the science sector to discuss the technology gap in the country.
(2011), Cantwell (2017), Cohen & Levinthal (1990, 2015) have modified views on the position of the technology gap factor and its influence on the spillover effect.
What are technology gaps? Your human resources department sends an email to a new hire's Gmail account who is not yet onboard.
Though Emrick said Wasabi wants to do its part to fill the technology gap, for him, a major part of the program is about helping the participants gain usable skills and confidence.
By taking advantage of the flexibility of the system, boardrooms are fit to bridge any technology gap that may exist.
"We do a fairly good job of gathering a patient's health and medication information, at multiple points, but when it needs to be shared with other members of the health care team (physicians, pharmacists, patients) there is too often a technology gap.
Based on group and meta-distance functions, we also compute technology gap ratios to compare the relative efficiency levels of domestic and foreign manufacturing firms.
market needs and cover the technology gap efficiently and effectively ," says Meera Kaul, managing director of Optimus Technology
Aimed at encouraging public-private partnerships in digital society development initiatives, the MoU will help in bridging the information technology gap of disabled people by providing training and laptops to them in two phases.
The technology gap is not a fixed deficit that once filled, stays filled.
By requiring researchers to submit [R&D.sup.3] classifications for each critical technology element and then asking cost estimators to provide a ballpark estimate for development costs based on the size of the total technology gap and the [R&D.sup.3] classification, systems engineers and program managers will be armed with the information they need to make reasonably informed technology trade-offs.
bridging the technology gap in aeronautics [between India and the west], indigenization and delivery of a ready-to-go-to-war machine to the IAF [Indian Air Force] at a reasonable cost and time-frame ..."

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