How Innovation Works: 8 key ideas
The core ideas of How Innovation Works, each in under a minute, written in our own words. Want the full depth? Get the book.
- IDEA 1 OF 8
Innovation is not invention
Ridley distinguishes invention, coming up with a new idea, from innovation, turning it into something practical and affordable.
Innovation, he argues, is the harder and more important step. Cost and reliability decide success.
- IDEA 2 OF 8
Progress comes step by step
Ridley argues that most innovations develop gradually through many small improvements.
Stories of lone geniuses with sudden breakthroughs usually hide long chains of earlier work. Edison built on many predecessors.
- IDEA 3 OF 8
Innovation is collective
Ridley explains that innovation depends on many people sharing and building on each other's ideas.
Teams, networks and trade spread improvements faster than isolated individuals could. Exchange of ideas speeds everything up.
- IDEA 4 OF 8
Many people invent the same thing
Ridley describes how inventions like the light bulb were developed by several people at the same time.
When conditions are ready, innovation becomes almost inevitable. Ideas seem to be in the air.
- IDEA 5 OF 8
Trial and error is essential
Ridley stresses that innovation involves countless experiments and failures.
Serendipity, or lucky accidents, often plays a role when people try many things. Many great innovations began as accidents noticed by curious people.
- IDEA 6 OF 8
Incumbents often resist
Ridley describes how existing businesses, governments and experts have resisted new ideas, from coffee to vaccines.
Fear and self-interest can slow beneficial change. Ridley gives many historical examples of opposition.
- IDEA 7 OF 8
Too many rules can starve innovation
Ridley worries about an innovation famine caused by heavy regulation and caution.
He argues that some areas, such as genetic modification, have been held back unnecessarily. Caution can have hidden costs.
- IDEA 8 OF 8
Freedom drives innovation
Ridley concludes that innovation flourishes where people are free to experiment, trade and exchange ideas.
He presents this as the main lesson of history. Open societies innovate more. Freedom and trade go together, he argues.
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