Risky Innovations

John W Lewis's picture
Chat Date: 
Thu, Aug 24, 2017

As automation and artificial intelligence are applied to a wider range of purposes, many people have become increasing concerned about the potential weapons which operate autonomously. Almost all innovations involve potential risks and there are variety of aspects to managing them.

Risk, failure and innovation

John W Lewis's picture
Chat Date: 
Thu, Apr 24, 2014

In some ways, it might seem that innovation is a gamble, like buying a lottery ticket, although hopefully with rather more knowledge of the odds available. In another way, a model of the risk of innovation is like an inverted insurance policy: an investment might pay out and, in this case, we hope that it does.

In general, any risk implies that failure incurs costs. And there is the well-known saying that the biggest risk is not taking any.

So how do we think about the risk of innovation: in different areas; and when considering different options in the same area?

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