Figure 4 Waves of Innovation90
The second wave saw the introduction of steam power, trains and steel. In the 1900s
electricity, chemicals and cars began to dominate. By the middle of the century it was
petrochemicals, and the space race, along with electronics. The most recent wave of
innovation has been the introduction of computers, also known as the digital or
information age. As the industrial revolution plays out and economies move beyond IPods,
older industries will suffer dislocations, unless they join the increasing number of
companies implementing the array of sustainable technologies that will make up the
next wave of innovation.
Aidan Murphy, vice president at Shell International, stated in 2000:
The Kyoto treaty has prompted us to shift some of its [Shell’s] focus away
from petroleum toward alternative fuel sources. While the move has
helped the company make early strides toward its goal of surpassing
treaty requirements and reducing emissions to 10 percent less than 1990
levels, Shell is being driven largely by the lure of future profits… We are
now involved in major energy projects involving wind and biomass, but I
can assure you this has nothing to do with altruism… We see this as a
whole new field in which to develop a thriving business for many years to
come. Capital is not the problem, it’s the lack of ideas and imagination.91