Innovation during stressful times - Deepstash

deepstash

Beta

Get an account to save ideas & make your own & organize them how you wish.

deepstash

Beta

When The Magic Happens

Innovation during stressful times

The big technical leap of the 1930s could not have happened without the devastation of the depression. However, there is a limit to stress-induced innovation: The foundations of the economy itself should remain intact to support new ideas and innovations.

This balance between a disturbance in the economy, while the foundations of the economy remain intact, has only happened a few times in modern history: the period from 1930 to 1945 and in 2020.

65 SAVES


This is a professional note extracted from an online article.

Read more efficiently

Save what inspires you

Remember anything

IDEA EXTRACTED FROM:

When The Magic Happens

When The Magic Happens

https://www.collaborativefund.com/blog/when-the-magic-happens/

collaborativefund.com

6

Key Ideas

Two of the biggest innovations

Two of the biggest innovations of modern times are cars and airplanes. At first, every new invention looks like a toy. It takes decades for people to realise the potential of it.

  • Adolphus Greely, a brigadier general, was one of the first people outside the car industry to consider the usefulness of a "horseless carriage." He bought three cars in 1899 for the U.S. Army to experiment with. It was envisioned to be used as transportation of light artillery such as machine guns, to carry equipment, ammunition, and supplies.
  • The Wright brothers saw the prospects of their new flying machine to be used as a reconnoitering agent in a time of war. The U.S. Army purchased the first "flyer" in 1908.

Innovation is driven by incentives

There are three types of incentives:

  1. "If I don't figure this out, I might get fired." It will get you moving.
  2. "If I figure this out, I might help people and make a lot of money." It will produce creativity.
  3. "If we don't figure this out now, our very existence is threatened." Militaries deal with this, and it will fuel the most incredible problem-solving and innovation in a short time.

During World War II, there was a burst of scientific progress that took place. The government was in effect saying that if a discovery had any possible war value, then it had to be developed and put in use, regardless of the expense.

The conditions for big innovations to happen

The biggest innovations seldom happen when everyone's happy or safe. They happen when people are a little panicked and worried, and when they have to act quickly.

In 1932, the stock market fell by 89%. It was an economic disaster where almost a quarter of Americans were out of work. However, the 1930s was also the most productive and technologically progressive decade in history. Economist Alex Field writes that in 1941, the U.S. economy produced almost 40 percent more output than it had in 1929, with little increase in labor hours or private-sector capital input.

Big innovations of the 1930s

  • While the 1920s were the era of the automobile, the construction of roads took off in the 1930s with multilane engineering marvels, including the George Washington, Golden Gate, and Bay Bridges, cutting travel times.
  • Electrification surged in the 1930s. Power was brought to farms. Electricity turned from luxury to a necessity.
  • Electricity became a servant to washing machines, vacuum cleaners, and refrigerators, freeing up hours of household labor.
  • The first supermarket opened in 1930.
  • Productivity growth in the 1930s took place in utilities, farming, wholesale trade, retail, transportation, mining, and communication.
  • More young people stayed in school because they had nothing else to do, resulting in a surge in high school graduation and college graduates.

Innovation during stressful times

The big technical leap of the 1930s could not have happened without the devastation of the depression. However, there is a limit to stress-induced innovation: The foundations of the economy itself should remain intact to support new ideas and innovations.

This balance between a disturbance in the economy, while the foundations of the economy remain intact, has only happened a few times in modern history: the period from 1930 to 1945 and in 2020.

Innovations trigger more innovations

Innovations usually begin with an attempt to solve a specific problem, but they end up triggering other changes that would have been very difficult to predict. An innovation in one field ends up encouraging changes in different domains.

  • Right now, many biotech companies are focused on finding a solution to one virus. It could create a fertile ground for new medical discoveries, new manufacturing and distribution methods, a newfound respect for science and medicine.
  • A shift to remote work could make cities more livable and rural areas more prosperous.
  • The value, price, and product of education have fundamentally shifted, creating new opportunities in delivering affordable education.

SIMILAR ARTICLES & IDEAS:

Clutter across generations and cultures
Clutter across generations and cultures

Victorians lived in houses that were overflowing with artsy items and other kinds of things. So clutter is not entirely an American notion, but modern Americans cultivate its presence in ways that ...

The shift from accumulation to consumption

It happened between the 1880s and the 1920s. Before that, most belongings were either made at home or bought from local craftspeople or general stores.

American manufacturing and transportation took off around the turn of the 20th century, so the economy of items began to centralize.

Why we cling to material things

Psychologists found that people cling to material stuff as a response to a form of anxiety (about loss, financial instability, even body image) and that clutter itself is often a source of stress.

Clutter tends to accumulate in the homes those working people for whom the hope of financial stability and the lurking possibility of ruination are always present.

one more idea

Hollywood
.. is the show business capital of the world, being synonymous with power, money, glitz and glamour. It is the abode of famous TV and movie studios and record companies.
Origins

The place where Hollywood stands today was initially just plains and hills with just a small hut, in the year 1853, eventually becoming an agricultural community called Cahuenga Valley. Harvey Henry, a politician and real estate developer purchased a large piece of the future ‘Hollywood’ for a ranch and ended up using it as a township of upscale homes. In a couple of decades, the place had markets, hotels and other commercial establishments.

The Father Of Hollywood

.. was a banker and real estate mogul H.J. Whitley, who opened the Hollywood Hotel(Now Dolby Theater, the Oscar ceremony venue) and some residential neighbourhoods. According to many, he coined the name ‘Hollywood’ while honeymooning there in 1886, while some say it was named by Harvey’s wife Daeida Wilcox.

13 more ideas

The Great Depression
The Great Depression

.. was a devastating economic collapse which started in the US in 1929, lasting a decade. Europe was already struggling post the WWI recession, while the US was thriving. As borrowings and stoc...

Wall Street Down

On 29th October 1929, the infamous crash of Wall Street happened, where 30 million dollars were lost in a week, leading to customers rushing to withdraw their money, known as the ‘bank run’.

The entire world felt the capitalistic fall and realized that a boom leads to a bust, eventually. The disastrous effects felt around the world showed how economically interconnected the world had become.

A New Deal

In 1933, then-President Franklin Roosevelt promoted his recovery path of Relief, Recovery and Reform, to give shape to the slow and arduous reform process that will take decades.

6 more ideas

Curiosity leads us to generate alternatives
Curiosity leads us to generate alternatives

When our curiosity is triggered, we are less likely to fall prey to confirmation bias (looking for information that supports our beliefs rather than for evidence suggesting we are ...

Curiosity and innovation

Encouraging people to be curious generates workplace improvements.

When we are curious, we view tough situations more creatively. Studies have found that curiosity is associated with less defensive reactions to stress and less aggressive reactions to provocation.

Reduced group conflict

Curiosity encourages members of a group to put themselves in one another’s shoes and take an interest in one another’s ideas rather than focus only on their own perspective.

Thus, conflicts are less heated, and groups achieve better results.

one more idea

The right side of the brain
The right side of the brain

Creativity isn’t the preserve of one side of the brain, and it isn’t a talent confined to people with a special kind of brain. If you’re human and you’ve got a brain, you’re capabl...

The “Eureka!” moment

This myth encourages the belief that creativity is a passive process. It suggests you have to wait and hope that you’ll make a breakthrough.

That Eureka moment is actually the last step in a long, involved process and not the only step. For this to happen, your unconscious mind needs material to work with. You have to put in the hard work of studying and mastering your field and exposing yourself to different perspectives.

The lone, eccentric geniuses

In reality, creativity is a team sport.

The lone genius myth is a stereotype and it’s unhelpful because it suggests the route to innovation is to cut oneself off from colleagues and collaboration. You need a modest amount of intelligence to be creative, but extremely high IQ is neither sufficient nor necessary for being an innovator.

2 more ideas

Decline Explained

Currently, we observe decline all around us, whether it's the stock market, travel, or jobs.


There are three different Types Of Decline: Narrative, Physical and Technical/Leg...

Physical Decline

.. is when there is a loss of machinery, infrastructure and people, be it from war, or natural disasters.

The rebuilding of physical decline can also provide a powerful economic boost. This can also lead to inflation, as the capacity to make goods has been destroyed.
Losing people due to war or a calamity is the hardest to recover from.

Technical Or Legal Decline

..is a type of decline in which due to a personal narrative, circumstance or condition, the work terminates, and one's identity is no longer able to survive.


If a business suffers bankruptcy, or if a person has defaulted or is arrested, a certain 'absorbing barrier' is reached, and all potential of any future activity is shut down.

An Uncertain Future
  • The past decade gave rise to the 'Gig' economy, spawning one-click app-based transactions.
  • Artificial Intelligence and automation are further transforming how people live and work.
Future Proof Your Career

Future-proofing your career to stay relevant isn't about learning how to code or going back to college.

It is about having a career plan with a long-term vision, taking into account the current job-market conditions, economic factors, emerging opportunities, personal interests, and family realities.

Shrinking Life Cycle of Jobs

A life cycle of a job is shrinking rapidly, and if you're not re-inventing yourself or pivoting on time, you are rendered out of work sooner than in the past decades.

We need to check our career plan and ask ourselves what skills need to be developed to pursue future opportunities, in this shifting economy.

4 more ideas

Paper Money

The instruments of trade and finance, like paper money, are groundbreaking inventions, put to use by collective acceptance using authority and seals of trust.

Money's Worth

The financial crisis of 2008 showed that the system can buckle anytime and money may not always be worth the same.

As we get hyper-connected, the state-backed authority of currency, and what Money is really worth, is being rethought. Society has historically tried to invent new forms of currency, most recent being Bitcoin, a cryptocurrency.

The Idea of Libra Currency

The idea of Facebook's Libra, an attempt to create a new currency made from the architecture that powers Bitcoin, is that the value of new money is not derived from state authority, but a combination of mathematics, global connectivity, and trust that resides in people using Facebook.

5 more ideas

Drive-In Theaters
Drive-In Theaters

The first Drive-In Theater was opened on June 6, 1933, by Richard Hollingshead, who was a car and movies enthusiast. This was located in Camden, New Jersey and cost 25 cents per person, plus 25 cen...

Drive-In Theaters: Evolution of Sound

The sound quality was an issue in the early days, with the sound system producing low voice for the cars on the back, and too much noise for the neighbours.

This early technology was called ‘directional sound’ and was replaced by the in-car speakers later.

The Largest Drive-In Theatre

The largest drive-in theatre was in Copiague, New York, known as the All-Weather Drive-In.

It had space for 2,500 cars plus an indoor viewing area of 1,200 seats along with a kid’s playground, shuttle trains and a restaurant.

one more idea

The real master has no tools

He/She has a endless power to improvise with what is to hand.

The more fields of knowledge he/she covers, the greater his/her resources for improvisation.

Alexis de Tocqueville
Alexis de Tocqueville

"Nothing tends to materialise man, and to deprive his work of the faintest trace of mind, more than extreme division of labour."

Invention fights specialization

To come up with new ideas, you need to know things outside your field.

The further afield your knowledge extends, the greater potential you have for innovation.

one more idea