According to economist Joseph Schumpeter, creative destruction is the dissembling and discarding of the old, established -- albeit currently successful -- ways of doing things before there is perceptible pressure to do so." Paul Willax, a professor of entrepreneurship, acknowledges that performance innovation is essential, but insists that it isn't enough. "While it will help make a business better at what it is doing, in this day and age the real key to competitive survival involves doing something very, very different."
Paul Willax -- "Innovation requires creative destruction of old ways"
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