"History reminds us that at every moment of economic upheavel and transformation, this nation has responded with bold action and big ideas." As President Barack Obama addressed a joint session of Congress on Tuesday, Feb. 24, he took a moment to look back, pointing to the innovations that have arisen from times of difficulty: the railroad tracks, laid across the country in the midst of the civil war; the public high school system that emerged from the Industrial Revolution; the GI Bill that sent a generation to college. Obama's theme was clear: Times of economic difficulty an inspire extraordinary innovation. And now, even as the markets continue their roller-coaster ride, he described a time "to put in place tough, new common-sense rules of the road so that our financial market rewards drive and innovation and punishes shortcuts and abuse."
Mobile applications can already identify what song is playing, point you to a nearby restaurant, or manage your social networking utilities, but that was just the start. The relatively low cost of entry and the speed at which an app hits or misses creates a environment ripe for breakthrough innovation. What's next could be the first big business to arise from the downturn.
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