I was reading an article which gave some interesting facts on the internet. Did you know that there has been a 40,000-fold increase in the number of websites over the last 15 years? We have approximately 200M websites today and that is increasing day by day. Mind boggling isn’t it.  This leads to search engines and Google continues to dominate this sphere with 2 billion queries per day. Talk about scaling up!

One more tidbit is on (what else) social networking – 70,000 new users join a social network every day and very soon we will pretty much be a truly connected world.  And, finally the top 10 sites globally mostly belong to companies which were started 5-6 years ago (Facebook, YouTube etc).  The top 10 will continue to change characteristic of the Internet industry.

It is amazing the way the internet has managed to become such an integral part of our lives. It is one disruptive force that we are living through and enjoying too!

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I recently read about an interesting concept – a company called InnoCentive, that describes itself as “the world’s first open innovation marketplace.”  First created by researchers in a pharmaceutical company, it is based on a simple idea – if a firm cannot solve a problem on its own, why not use the reach of the Internet to see if someone else can solve it?

Individuals and companies (’seekers’) can post their questions on the company’s website, and the ’solvers’ compete to win the cash prizes offered by the seekers.  Big and small companies, like P&G, have used the site, and so far, the answer rate has been close to 50%.  The company has tied up with the Rockefeller foundation to help organizations like non-profits and micro-finance units, who might not have the resources to reward the solvers.

The underlying concept is not new – since the dawn on the Internet, people have been using it to seek answers from experts, to get help for homework, and to get alternative opinions.  However, this company’s differentiator seems to be that it enables business problem solving, rather than merely offering opinions and advice.

Forrester has studied the company, and so far the verdict has been favourable – Forrester has found that using InnoCentive has resulted in cost savings, a faster research process and a more innovative culture.  The approach can work for innovations in all sorts of fields, like science, business and economics.  It has just raised another  round of venture capital, so helpfully it will not remain a flash-in-the-pan business concept.

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All markets today (developed and emerging) are witnessing an interesting phenomenon – large sections of population on extreme ends of the technology scale.

On one hand you have the generation born after 1995, for whom cell phones and Internet connectivity are a way of life. (By contrast, I first saw a computer when I was in class 8 and was allowed a peek of the internet after I finished school). Gen Zers (or Gen Iers) breathe and live technology.

On the other hand, you have the Baby Boomer generation. Some of them have willingly (or unwillingly) embranced technology, more to keep in touch or keep up with the younger generation.

I was thinking, however, that huge opportunity exists for makers and marketers of technology-based products. Cars of the future may have a game-console-like navigating system (or do they already (;-)) as Gen Zers would find this more comfortable.

Similarly, if the Internet and mobile technology can be simplified through more usable interfaces, perhaps the aging generation would take to these better. I read that in Japan for example, products targeting senior citizens are selling like hot cakes – these could be ‘brain-stimulating’ puzzles, virtual pets etc.

So I think companies should co beyond the much-hyped 25 yrs. – 40 yrs segments and tap these two ends of the spectrum.

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In a study to determine the 30 innovations that have changed life most dramatically during the past 30 years, Nightly Business Report, the award-winning PBS business program, and Knowledge@Wharton  joined hands to declare that the Internet ranked the highest. While the result itself may be a no brainer, it is interesting to look at the way they defined innovation. One criterion was that it’s something new that creates new opportunities for growth and development. Another qualification the judges used to identify the most path breaking innovations was problem-solving value.

Now pause for a moment and think of the number of ways the internet has transformed lives, not just businesses. It is quite incredible and something we take so much for granted today. As Friedman said famously, it has been an important factor in “flattening” the world. It has created new industries and business models and also enabled small businesses and even individuals to create a space for themselves. Not only that. The power of viral marketing has been used so effectively for good causes. Just today I was reading about a social media pioneer, Beth Kanter, who used the power of the internet to raise money for her charity (http://www.businessweek.com/innovate/content/feb2009/id2009029_776708.htm?chan=innovation_innovation+%2B+design_top+stories).

In India, several e governance initiatives have brought the government closer to the people and also improved accountability. Online learning has helped not only companies reduce training costs but also educate less privileged children living in remote areas ( check out http://www.comat.com/services_education_more.html). e-choupal, a great initiative conceived by ITC, has helped the Indian farmer get better value for his produce by disintermediating the supply chain. One can go on and on……. The internet has truly helped mankind solve a variety of business and social problems- and we are still exploring; the possibilities abound.

As an aside, social networking through the internet has booked a separate place in the list too and is at 20!  

Those interested in knowing more can check out the full article and the other winning entries at http://knowledge.wharton.upenn.edu/article.cfm?articleid=2163

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