http://www.dramyvanderbilt.com

I recall when the internet was first widely used. Back when computer screens were two-color (black and green) and when the five and half inch floppy disk was a hot commodity. Little did I know back then that it was the dawn of a new age and a new economy. Back then, it was the beginning of the information age, which spawned a knowledge economy. The knowledge that resulted became an economic model that worked and worked well. Now we live in a time where knowledge is everywhere. This pervasive knowledge is fueled by social media; which interestingly enough is the next stage of the internet.

The next economic revolution is afoot. It is one that organizations worldwide are taking to heart, and to wallet…The Innovation Economy. Now that knowledge has become plentiful, innovation is becoming an economic basis.

Several countries around the world are leading the way in the Innovation Economy. Singapore and Sweden are prime examples of countries to watch. These countries place an importance on collecting a mixture of intellectual capital, social capital and venture capital among other resources.

This trend towards an innovation economy can be a major advantage to any organization. Decide how your business or organization will change to meet this new economic basis. What services or products will you uniquely innovate in a market hungry for new ideas? Then take it even further. Once you know the kind of innovations that you want to pursue, create a plan to capitalize on that innovation that goes beyond patents and licenses all the way to your brand equity and the next big idea. Turn your organization into an innovation engine.

[Get the full-length version of this article for your Kindle, iPhone or iPod Touch at Amazon!]