Science and technology wakeup call for business

There is mounting evidence that the business world could benefit from a wakeup call concerning science and technology. A failure to be aroused can lead to a failure to stay in business. Science and technology are advancing at exponential rates as evidenced by the announcements of breakthroughs almost daily, many reported in this column. Meanwhile many businesses slumber on, thinking that business as usual will get them through.

 

Consider that Chief Executive Magazine, in its current issue, invited a dozen CEOs of major corporations to describe their most important issues in the year ahead. Astonishingly, only one briefly mentioned technology.

 

A current article in Harvard Business Review includes this statement: “most companies do a magnificent job of smothering the creative spark.” That same article claims only 5% to 10% of high potential managers have the skills to become breakthrough innovators.

 

A recent article in Business Week starts with this assertion: “Many CEOs brag about nurturing a culture of innovation, but few have managed to do it over the long haul.”

 

A former head of research for Xerox described a situation not uncommon at companies spending lavishly on R&D. “We would invent all sorts of things that didn’t fit into the core business,” he said, “so then they would sit on the shelf.”

 

Contrast this reality with what President Elect Barack Obama said in a recent radio address: “It’s time we once again put science at the top of our agenda and worked to restore America’s place as the world leader in science and technology. Today, more than ever before, science holds the key to our survival as a planet and our security and prosperity as a nation.”