Editor's Brief

IT MIGHT seem futile to spend time thinking of any long-term future amid the turmoil of the current economic crisis, akin to science fiction escapism.

Yet even as we struggle to cope with the mountain of debts we face at personal and State level, theres an increasing acceptance that innovation – new ideas and their practical applications – is more important than ever.

To ignore the potential threats and opportunities in the hope of retaining the status quo is folly in the extreme. Failures to plan effectively for the future and react quickly to changing circumstances has already contributed to the dire economic situation Ireland finds itself in today.

As Adrian Wooldridge argues in this edition, the speed of change is only going to increase. The theory of creative destruction, espoused by economist Joseph Schumpeter, seems to be the order of the day.

New technology is combining with new procedures to dramatically lower the barriers to entry in most industries, both to rival companies and rival economies. History is littered with once-great states that failed to react to the advent of revolutions in technology or society. Similar lessons can be learnt from the demise of firms that were once bedrocks of their communities.

To compete in this era of creative destruction, firms need to be proactive in tapping into the pool of new ideas. How those new ideas come about, and from where, remains a lucrative topic for business book publishers. From groupthink to the solitude of individual creativity, there’s no straightforward regime in place to create good ideas.

Whatever about the source, we can try to nurture an environment where creativity is promoted. In our own small way we hope the Innovation section of this newspaper can play its part. With the advent of our new daily business supplements, the Innovation coverage has moved to the business supplement every Monday. We aim to continue to introduce you to new ideas, new thinking, and provide a forum for management debate. Thank you for your support to date and we hope it will continue every Monday.