Combining Innovation & Technology for Real Change

Combining Innovation & Technology for Real Change

1. Innovation

   • 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

2. 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

3. 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

4. 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.

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