Why a bad economy is good for innovation
November 7th, 2008 by Phoebe
It’s hard to see why the bad economy is good news for anyone but successful hedgers and bankruptcy lawyers. And the financial fallout is likely to continue for a while, even with a new president. But I think artists and entrepreneurs have reason for hope. New ideas and small projects can sometimes edge in as convention falters and giants fail. So for all the creative and innovative types out there, here are 5 reasons culled from around the web to look on the bright side.
5. More chances for new TV
As an interesting article in the Hollywood Reporter observes, low-rated shows like Sarah Connor might have the economy to thank (at least in part) for their continuation. Notorious for cancelling well-loved shows that don’t rate high enough, networks are now choosing to play it safe, keeping the advertising they’ve managed to attract and limiting fresh production costs, rather than pulling the plug on struggling shows.
4. It’s time to travel
Seeing new places dislodges daily banality and inspires new ideas. And if you can afford it, hotels in Reykjavik (Iceland) have never been cheaper. See this New York Times article for more travel bargains.
3. Even Hollywood has fresh ideas
The Commies are dead (or at least slipping) and perhaps we’ve had enough of vaguely middle-eastern terrorists for now. Hollywood needs a new villain for a new crop of blockbusters – and Wall Street has provided one, with NBC developing Outrageous Behavior, and The Wolf of Wall Street on Warner Bros’ priority list - as Nikki Finke reports in her Deadline Hollywood Daily.
2. Think of Microsoft and Apple
Investments are drying up and pessimism about new ventures abounds (see e.g. Jason Calacanis’s much-talked about post on the lookout for startups) . But Microsoft and Apple both started up in the last really bad economic stretch, in the 70s, as Paul Graham points out. Tight times can benefit technical innovators who bring cost and time savings. As others have noted, budget slashes could boost the importance of social media of all kinds as a cost-conscious marketing approach - see for example this post by Blonde2.0.
1. Artists are supposed to suffer
It sounds facetious, but there’s truth to it. Artists take inspiration from life, and those who live through interesting times often have more to say. Just think of John Steinbeck and Charlie Chaplin. With the Great Depression came talented new actors like Spencer Tracy, Katharine Hepburn, Bette Davis, Shirley Temple, and timeless classics like Gone With the Wind.
More thoughts on the creative potential of troubled times? Please add below!
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November 7th, 2008 at 8:47 am
I would love to see a blossoming of fringe art of all kinds. I don’t know if the mainstream (Hollywood, big networks) could ever really lose their clout and glamor, though.
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November 7th, 2008 at 8:48 am
Interesting about Microsoft and Apple - I hadn’t made that connection before.
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November 7th, 2008 at 9:11 am
Nice collection of observations. Travel may be cheap, but who has the stomach to spend their savings now? Trust the New York Times to publish an article like that…
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November 7th, 2008 at 10:43 am
Thanks for the mention Phoebe
I think it’s important for people to understand the importance of social media especially during these times.
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November 7th, 2008 at 11:06 am
Clark - Traveling to cheap countries such as India or China can be both economical (because the cost of living in China is much lower than in NY) and develop your creativity.
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November 7th, 2008 at 11:16 am
I must admit that the economic troubles have actually been a good thing for me and my kids. We’re not as spendthrift anymore, the kids aren’t as spoiled, we all appreciate what we already have so much more than we did last year, and we’ve had to become very creative when it comes to entertaining ourselves (trips, shopping, and movies are out now). I think it’s made me a better parent and definately an excellent character building experience for them.
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April 6th, 2009 at 2:07 am
“Confused things kindle mind for great inventions” - Da Vinci
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