A term coined in 1942 by Joseph Schumpeter in his work, Capitalism, Socialism and Democracy, to denote a “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.”
I thought of this concept (which I learned in High School many years ago) and refined at the UW recently while visiting with a local small business owner. This guy’s firm formerly sold voice mail systems. That business has changed quite a bit therefore, he is now selling services and IT solutions including replication, archive and “secure” email products.
I told him that I was impressed by his ability to zig and zag as the market changed. It’s clear that every worker today, at any level must be ready for new challenges and opportunities, as this article on the NY Times outsourcing plans illustrates.