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Volume5 Issue3_Larger_2019_Finalised

The London Business Journal Volume 5 Issue 3, 2019. London's #1 business magazine for entrepreneurs business owners and senior level decision-makers offering tips, features and exclusive interviews. Covering business in the UK and worldwide.

The London Business Journal Volume 5 Issue 3, 2019.
London's #1 business magazine for entrepreneurs business owners and senior level decision-makers offering tips, features and exclusive interviews.
Covering business in the UK and worldwide.

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Creativity

www.londonbusinessjournal.co.uk

most abject forms of poverty (i.e. people

living on under £2 a day) are diminishing,

a number of other societal problems have

proven more resistant to innovative

solutions.

Inequality is today increasing rather than

decreasing. Food insecurity is also

increasing, even in rich countries like the

UK. Issues such as populism, fake news,

and a diminished trust in institutions have

not found the app to solve them – and

many apps seem to actively make them

worse. Despite everything, and despite

the fact that we globally spend an

astonishing £2.5 trillion on innovation

every year (at a minimum, and the actual

expenditure might be as high as twice

that), this year alone more than 700,000

children will die of eminently curable

diarrhoea.

Why this imbalance? Simply put, the

notion of innovation has not been

adequately challenged in contemporary

society. It has been presented as an

absolute good, always making more toys

for the boys, rather than a system that is

prone to biases. Innovation, and the

armies of consultants and pundits that

peddle in it, has become self­obsessed, all

macho swagger and talk of AIs. All this

has led to insufficient analyses of core

questions regarding innovation, including

but not limited to: Who is seen as an

innovator? What kind of innovations get

supported? Who funds innovation, and on

what grounds?

Part and parcel of this is that innovators

are often assumed to fit a few

stereotypical moulds. As Ross Baird

shows in his book, “The Innovation Blind

Spot”, most venture capital in the US

goes to young either white or Asian men,

from a short list of top universities – and

similar patterns can be found in many

other countries. In corporations, the

gender bias seems to be less pronounced,

Volume 5 Issue 3, 201 9

www.londonbusinessjournal.co.uk

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