David L. Bodde (HBS DBA '76) sees a "golden age of invention" building on the rubble of the dot-com era, a result of the convergence of information technology, the life sciences, the cognitive sciences, and nanotechnology. But invention is not enough to win the day, he says. "For humankind to reap full benefit from technology, entrepreneurs must recognize the economic value resident in that technology and create enterprises capable of bringing it to market."
It's the bringing it to market phase that this book mainly deals with, defining what technologists need to know to turn invention into product. In particular, he says, such ventures must include market insight, a business model that combines both technology and market knowledge, and an effective organization.
What's powerful about this book is its focus on the audience it intends to serve: people with great ideas but not necessarily great business sense. We've all seen the graveyard of great ideas ruined by bad business decisions. For example, the inventor who has a single great idea makes a popular product—and then is beaten by a competitor with an even better idea. So Bodde spends a fair amount of time discussing the service concept of technology—you're not just creating a better widget but a bundle of services that unlocks the true value of the widget and gives you a chance to evolve with the market.
Other concepts explained through the lens of the technologist include first-mover advantage, disruptive technologies, continuous learning, and the differences between creating your own company and working for an established one.
Throughout the book, the founding and development of two real-life enterprises are followed as case studies: EnerTech Environmental, which converts sewage into boiler fuel, and Nth Power Technologies, a VC firm specializing in energy opportunities.
Bodde is the Charles N. Kimball Professor of Technology and Innovation at the University of Missouri in Kansas City. —Sean Silverthorne