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The term \"Deep Tech\" is prevalent in industry but ill-defined. In this extended letter, we define Deep Tech (technology that is difficult to develop today, with the potential to become a pervasive and easy-to-implement basic need in the future) and consider its role in evolving businesses. We suggest how organizations can position themselves to take advantage of a coming wave of innovation, with emphasis placed on Creative Destruction's role (cannibalizing product lines) in creating sustaining enterprises. Understanding the diffusion of technical innovation from hard-to-implement exciter to commodity basic need will encourage leaders to rethink their current offerings to play in a future-thinking space setting these companies apart from the competition. We provide examples drawn from successful organizations.

Purpose. Digital transformation varies in different countries. Therefore, the aim of this paper is to specifically analyze how these changes have occurred in large and small countries and to point out differences in the impact of new technologies on digital entrepreneurship, work modalities and education and to examine the connection between creative destruction, new technologies and digital entrepreneurship.Design/methodology/approach. By systematically reviewing and analyzing a variety of scientific literature, the results of the latest research and indicators that indicate the development of this dynamic field, we perform a comparative analysis between small and large countries and identify differences and similarities between them. We selected Baltic countries in our study because they are exemplary barometers for innovation and digital entrepreneurship development. In addition, we selected three other countries because of their similarities - Slovenia, North Macedonia and Cyprus. All three countries are relatively small in terms of population and economic size, which allows them to be agile and quickly adopt innovative solutions. In this regard, we also considered China and Japan as two large countries that are at the forefront of innovation and digital entrepreneurship. We compared them from several different angles in order to highlight their specificities. We put all thespecificities and comparable results of small and large countries in the context of creative destruction, artificial intelligence, new work modalities, and new knowledge, in order to point out their interdependence.Findings.Collaboration between the public and private sectors is a common strategy in both small and large countries to drive innovation and support digital entrepreneurship. Both small and large countries emphasize education and skills development, particularly in STEM fields, to create a skilled workforce that can drive innovation. In addition, both types of countries recognize the importance of digital transformation and invest in digital infrastructure, technologies, and skills to stay competitive in the global innovation landscape. At last, whatever the technological future holds it will be defined by continuous adaptation, perpetual innovation, and the search for new potential. Departing from these observations, this study seeks to add the global perspective to the already lively debate on possible changes that may result in the labour markets as a consequence of the recent advent of generative AI. Small countries are struggling to build a robust AI ecosystem amid the prevailing global dominance of the United States and China. Our findings also highlight the potentially different growth dynamics among countries with lower GDP levels and different levels of digital skills. Policymakers should act to mitigate these risks. A drastic shift towards rapid improvements in productivity growth and investment in education and skills development will reduce these disparities.Research implications.The specificity of this research is that there are no similar considerations in the literature. Mostly they are concerned with pointing out the differences between rich and poor countries, but not taking into account economies of scale and wealth of resources. Therefore, we think that this study will give a new perspective on this important and current issue. The findings emphasize the significance of AI which penetrates every sphere of human life. In line with this, it is imperative for policy makers to formulate roadmap to see the opportunities and identify its likely threats. In addition, ethical considerations are vital for creating AI systems that benefit society while minimizing harm. Policymakers should act to mitigate these risks. A drastic shift towards rapid improvements in productivity growth and investment in education and skills development will reduce these disparities.Keywords:Schumpeter’s creative destruction theory, Artificial intelligence, digital transformation, digital entrepreneurship, digital entrepreneurship Index (DEI), creative destruction, innovation, workforce.JEL Classification: 031; O33; 038

This paper argues that the COVID-19 pandemic can and should be understood as a form of creative destruction (Schumpeter’s gale), at a hyper level owing to its biological/medical dimension. Therefore, the critical response to such a hyper force is to rethink how institutions administer Public Policy in South Africa (Path Dependency), most importantly economic development planning institutions and Covid-19 responses, in the form of ‘The Economic Reconstruction and Recovery Plan’. It’s the contention of this paper that the reason why Covid-19 continues to impact the South African government’s economic planning ethos is anchored in its developmental orientation, particularly how constitutional legalism has impaired economic development planning. This could impart be due to the unaddressed influences of the initial waves of Law and Development post-1994. The South African experience with the initial waves of Law and Development were muted owing to the problematic nature of the 1994 transition which sought peace at all costs without necessary addressing substantive economic development reform considerations. Therefore, using the policy experiences of Covid-19 and Lee’s, General Theory of Law and Development, particularly the aspects of Development and State Capacity and Political Will, a revision of the South African Constitution will be called on, principally chapter’s 2 and 6 (Bill of Rights) and (Province).

Using Indonesian manufacturing census data (1991–2001), this paper rejects the hypothesis that the East Asian crisis unequivocally improved the reallocative process. The correlation between productivity and employment growth did not strengthen, and the crisis induced the exit of relatively productive firms. The attenuation of the relationship between productivity and survival was stronger in provinces with comparatively lower reductions in minimum wages, but not due to reduced entry, changing loan conditions, or firms connected to the Suharto regime suffering disproportionately. On the bright side, firms that entered during the crisis were relatively more productive, which helped mitigate the reduction in aggregate productivity.

Entrants and incumbents can create new products and displace the products of competitors. Incumbents can also improve their existing products. How much of aggregate productivity growth occurs through each of these channels? Using data from the U.S. Longitudinal Business Database on all nonfarm private businesses from 1983 to 2013, we arrive at three main conclusions: First, most growth appears to come from incumbents. We infer this from the modest employment share of entering firms (defined as those less than 5 years old). Second, most growth seems to occur through improvements of existing varieties rather than creation of brand new varieties. Third, own-product improvements by incumbents appear to be more important than creative destruction. We infer this because the distribution of job creation and destruction has thinner tails than implied by a model with a dominant role for creative destruction.

Cultural transformation tends to be described in one of two ways: either with reference to what comes about, is created or emerges in the process of change or with reference to what is destroyed or obscured in that process. Within a performative paradigm, that is, from a perspective which focuses on the manner in which social and cultural reality is constituted or brought about by human activity, theorists have, in recent years, tended to underline the productive aspects of transformation by emphasising the creative thrust of performative processes and events. In so doing, this perspective has tended to overlook the extent to which a certain destructive element may in fact be inherent to such performative processes. Drawing upon a range of historical and contemporary constellations of socio-cultural change and a variety of different types of events and activities, the articles in this volume describe different forms of destruction and their respective role in processes of transformation. Their shared aim is to explore the manner in which destructivity, such as the destabilisation and destruction of orders, subjects and bodies, can be grasped by concepts of performativity. In other words, to what extent may a certain destructive dynamic be inscribed within this very notion?.

We examine empirically and theoretically the relation between firms’ risk and distance to consumers in a production network. We document two novel facts: firms farther away from consumers have higher risk premiums and higher exposure to aggregate productivity. We quantitatively explain these findings using a general equilibrium model featuring a multilayer production process. The economic force is “vertical creative destruction,” that is, positive productivity shocks to suppliers devalue customers’ assets-in-place, thereby lowering the cyclicality of downstream firms’ values. We show that vertical creative destruction varies with competition and firm characteristics and generates sizable cross-sectional differences in risk premiums.

Markups vary systematically across firms and are a source of misallocation. This paper develops a tractable model of firm dynamics where firms’ market power is endogenous and the distribution of markups emerges as an equilibrium outcome. Monopoly power is the result of a process of forward-looking, risky accumulation: firms invest in productivity growth to increase markups in their existing products but are stochastically replaced by more efficient competitors. Creative destruction therefore has procompetitive effects because faster churn gives firms less time to accumulate market power. In an application to firm-level data from Indonesia, the model predicts that, relative to the United States, misallocation is more severe and firms are substantially smaller. To explain these patterns, the model suggests an important role for frictions that prevent existing firms from entering new markets. Differences in entry costs for new firms are less important.