Giving Compass' Take:

•  Efosa Ojomo discusses lessons in innovation, economic prosperity, and purpose from Harvard Business School professor Clayton Christensen. 

• Christensen defines innovation as "a change in the process by which an organization transforms labor, capital, materials, or information into products and services of greater value." How are nonprofits and the broader social sector leveraging innovation to advance social good?

• Read about the downsides of innovation-focused philanthropy. 

To say that Harvard Business School professor Clayton Christensen has had a profound impact on innovation, business, and management is an understatement.

In 1997, when he published his first book, The Innovator’s Dilemma, he coined and popularized the term Disruptive Innovation which explains how industry leaders get upended by smaller and less resourced market entrants. Soon after publication, the book became a must-read for many managers in Silicon Valley and beyond.

Thanks to our work together, I have come to know Professor Christensen as a colleague, a mentor, and, perhaps most importantly, a friend. Here are just a few things he has taught me about innovation, economic prosperity, and life.

On innovation

Innovation is such a buzzword these days. Surprisingly, it’s one of Professor Christensen’s least favorite words because innovation now means different things to different people. And so, the first thing he taught me was how he defines innovation: a change in the process by which an organization transforms labor, capital, materials, or information into products and services of greater value.

 On economic prosperity 

The distinction between economically prosperous countries and poor countries is often stark. Travel to poor countries and instantly you see the lack of infrastructure and institutions. As a result, conventional wisdom promulgated in mainstream economic development discourse — which is highlighted by expenditures in the industry — is that poor countries should first fix their infrastructure and institution problems. Only then will innovations be able to flourish.

On life

Interestingly, the biggest lesson Professor Christensen has taught me has little to do with innovation, business, or management of corporations. It’s about how I can develop and pursue a deliberate strategy to spend a life filled with contentment, joy, and purpose.

Read the full article about innovation and economic prosperity by Efosa Ojomo at Christensen Institute.