Innovation Needs Constraints

Photo by niu niu on Unsplash

Some years ago, I wrote an article in Harvard Business Review about stock buybacks, which were being pilloried at the time. Many people thought that companies were spending too much money to gin up their stock price when they could be investing those funds into innovation, making better products and creating new markets.

Yet I pointed out that things weren’t as they seemed. As Clayton Christensen had showed…