Expand Our Notion of Success from Wealth Creation to Value Creation

We have too narrow a view of success in the tech community, fueled by investors wanting big returns, business schools reinforcing these values, and universities trying to maximize financial returns on their research.

Young people see this. Many children of immigrants want to help their parents’ homelands. Many young people want to build a more equitable society. Many worry about declining health among low-income people, ravaging the environment, and diminished opportunities among people of color.

Technology innovations can yield scalable solutions to most of these issues, but the focus of our approach to developing and deploying new technology is wealth creation when it should be value creation.

The cell phone can be used to monitor elections in developing countries, personalized healthcare can help people monitor and manage their health (and not just cardiovascular patients), online learning can enable people to drill and repeat until they get it right, or move ahead quickly if they master a concept or solve a problem.

We fail to couple the humanistic and social applications of technology in ways that attract more than budding gee whiz scientists and get-rich investors.

[Editor’s note: To tap the wisdom of our distinguished group of Xconomists, we asked a few of them to answer this question heading into 2015: “How should the innovation community solve its gender and diversity problems?” You can see other questions and answers here.]

Author: Mary Walshok

Mary Walshok is associate vice chancellor for public programs and dean of the extension program at the University of California San Diego. She oversees a $40 million division that educates 60,000 enrollees annually, plus UCSD-TV and UCTV, which reach 22 million households and millions more through the Web. An industrial sociologist, Walshok has studied and written extensively about the key ingredients needed to build knowledge-based clusters and high-wage jobs. She is a co-founder of Connect, the San Diego nonprofit organization for innovation and entrepreneurship. She has served on numerous community and national boards. Her research activities have helped stimulate the development of innovation economies around the world, and even prompted New York, Stockholm, Belfast, Copenhagen, Barcelona, Oslo, and Bergen, Norway, to start their own Connect programs. Walshok also is the co-author of the forthcoming Invention and Reinvention: The Evolution of San Diego’s Entrepreneurial Economy and the author or co-author of Blue Collar Women; Knowledge Without Boundaries; and Closing America’s Job Gap. She's currently working on a handbook on regional innovation for the Oxford University Press.