Friday, November 26, 2004

A Business Opportunity

Innovation journalism is journalism about innovations (as opposed to innovations in journalism).

Today, all developed industrial economies stand and fall with how well their industries commercialize emerging technologies and research results. Success in innovation brings growth and development, while those who don’t innovate brings stagnation and economical decay. Leading industries and industrial economies that don’t innovate will soon die.

These innovations are not just new inventions. It could also be a new production method, the opening of a new market (like iTunes), or a new form of industry organization like the creation of a monopoly position (for example through trustification), or the breaking up of a monopoly position, (for example the “meritocracy” in open source.)

Tons of scientific reports and economic dissertations have been written about innovation systems. They all point out that you must “facilitate the flow of information and knowledge between the public and the private organisations in the system and especially in public organisations.” Few, if any, comment on how it is done.

For me it is obvious that media is the major information flow between the actors. You simply don’t discuss the latest dissertations or official reports. You discuss what is written in the papers or shown on TV.

It is also obvious that there is a business opportunity in this area. Journalism dedicated to covering innovations is relevant for modern industrial economies, where innovation is key. Yet there has not existed any recognized discipline or community of Innovation Journalism. “Innovation Journalism” has been an unknown expression.


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