[MUSIC]. Hi. Welcome to the fifth week of the strategic innovation class. This week, we're going to talk about industry constraints. Let me just quickly review where we've been. We started with the individual. We started talking about what goes on for an individual, remember? It was about perception Intellection, how we think things through, and then expression. And if we can overcome those three things, then we can actually get to better ideas. Once we have those ideas, we may need to share those ideas with others. There, we talked about the group constraints. Things like emotion, culture, the environment within a group, within which a group operates. And also, the process that a group uses to get from step to step to step. We did those groups and we talked about the organizational constraints. And this has to do with maybe with execution. Like how is it that we put together a, an organism, organization that could help us get the thing done that we're trying to do to get the innovation executed? We talked about strategy, organizational structure and also organizational resources. So, this week we're going to take those organizations and put them into, together, into an industry. And we're going to talk about the market. And so the market at this level really is about, utility and value because if we have an innovation and we can execute it, it does no good if there's adoption of it outside. And also, our ideas, our innovations don't go into a, a vacuum. There are other organizations there that may already be serving the need, or may serve the need a different way. And so this what we're going to call a market or an industry, approach. So when you think about this thing called an industry like, what is it that stops us from, from making an industry? You're all innovators. Maybe you're thinking about starting a business, and so what is it that would stop you from starting a business in some industry, any given industry. What is it that stops you? . Well, there's lots of different things that could stop us. Competition. Are there organizations already there? skilled labor. Do I have the labor I need? Is if I want to open a sewing, business, and do I have the labor to do that. [COUGH] . Maybe there are trade unions. Maybe there's some technical knowledge. There are all kinds of barriers to entry maybe that require some kind of certification. All of these things can affect us and affect our ability to go into a new industry. 'Cause what we want to do is say, how do these things affect innovation? If I'm an organization inside of an industry and all organizations are in some, some kind of sector or industry, let's call it. how do these things affect them? Well, I'm going to boil it down to basically three things that we'll look at, at this level of constraint. We'll talk about competition, to what extent do other rivals and, and other organizations that would satisfy the same need, to what extent does that cause or constrain innovation. We're going to talk about the suppliers, organizations don't work in vacuums like, like I said, there are suppliers there, where do organizations get the raw material, the raw resource, the capital, those kinds of things might have helped it work in the industry. Then we;re also going to talk about the markets, the customers, the users, the end users of the innovations and how it is that they think about innovation in, in ways that are going to. Hopefully not surprisingly, but help you understand drive adoption. So, as we've talked about these things, competition again is the tactical and strategic actions that organizations take in the field of other organizations. So we're not considering an organization by itself, we're really looking at what happens to the organization in the field of rivals within which it works. We're going to talk about the suppliers that these holders are specialized capabilities. People that actually do the thing labor capital all those things that go into an industry and that organizations use to satisfy that industry's needs. Then we're going to talk about the market. Which is the large group of interacting, agents and, and, and producers, and consumers shareholders all those people that together for what we're going to call the market. So, the agenda for this week in terms of the videos is going to be, I'm going to start with a story, the story of the digital camera, which hopefully, you'll find that interesting. We're going to talk about competition as a constraint, and what it is we can do there. We're going to also talk about suppliers and, and suppliers, and what their effect on innovation is. We'll then move to markets, talk about how people want things better, faster, cheaper, and what the implications are for us as innovators, and then finally I want to spend a little bit of time talking about some substitution and disruptive technologies. And this really sort of ties in with the market, but you'll see that it, the substitution and disruptive technology brings a lot of these things together.