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Waves of innovation Cleantech & Biotech (2009-) 6TH WAVE Information & Telecom (1971-) Oil, Automobiles & Mass ProductionINNOVATION (1910-1975) 5TH WAVE Steel, Electricity & Heavy Engineering (1875-1920) 4TH WAVE Steam & Railways (1830-1870) 3RD WAVE Industrial 2ND WAVE (1770-1830) 1ST WAVE 1800 1850 1900 1950 2000 Source: DONG Energy (2009); diagram based on Perez (2002) drawing on report by Merrill Lynch (2008) (schematic not precise quantitative vertical axis). 17

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