Happens when the underlying processes are examined
and transformative new ways of solving a problem or
creating a new service are identified
Make an emphasis on
entrepreneurs
Their ability to create a new good or
service, a new production technique,
or open a completely new market.
Their hability to change and modify our
current process for delivering goods and
services or by creating entirely new services.
Economic innovation
Term in which technology and
innovation replace older
means of production/services
Its an obligation to avoid
becoming obsolete
What is next?
Innovation and technology together
stimulates economic growth by creating
new inventions never before imagined
It could make older
services, goods, and
techniques obsolete
hundreds of companies are now on
the scene and impacting how we
operate our businesses.
It is clear that innovation
and technology coupled
together are a powerful
market disrupte
to avoid becoming obsolete, it comes down to a willingness
to change, and a commitment to the investment of time
and money to embrace creative disruption
How to Avoid Becoming Obsolete?
Categories
4. Emerging Technology
Creation of Technology that creates insight
from unstructured data will transform both
the business and practice of law
3. Law Firm Innovation
Creation of focus of innovation
Diferenciate in the
marketplace
2. Change in Competition
1. Client Sophistication
promote that each
organization innovates
Identifiy new competitors and new strategies of existing
competitors, and provides insights on how technology
modifies firms’ relationships with clients
Create groups of intrapreneurs
that offer services or create
new offerings
Why Are We a Legacy Industry That
Can Transform?
The economic growth of our industry depends
on professionals with substantial domain
expertise to help lead the charge for innovation
Because there is an early prize for those able to successfully
innovate to the point that traditional companies must
succumb to the pressure of new inventions.