Entrepreneurs Drive Creative Destruction [Entrepreneur Viewpoint]

The paradoxical term creative destruction, coined by Joseph Schumpeter in 1942, refers to the cycle of incessant product and process innovation that drives a replacement of the old guard with new companies, especially within a capitalistic system. How do we recognize such entrepreneurial opportunities, and how do we make them happen? Most of us in engineering dedicate our lives to finding answers. We learn this in engineering school, where our professors provide us with questions that we diligently solve and on which we are graded. We all learn from a common framework and context, harmonized by global standards as to what constitutes a sound education. In our professional lives, we apply our skills, knowledge, experience, and wisdom to solving ever-more challenging problems. Discusses how this impacts entrepreneurs in the power electronics industry.