Although his fears were overblown — capitalism has survived fascism, communism and welfare-state bureaucracy — Schumpeter’s description of free-market dynamics was uncanny. Standing at the cusp of two millennia, we now watch firsthand as another tidal wave of creative destruction crashes through the global economy. The declining cost of storing, manipulating and disseminating information — i.e., the information revolution — is pounding the shorelines. Companies are restructuring. New business models are emerging. A new economy is taking shape.

Due to a variety of factors — primarily the legacy of slavery and the destruction wrought by the Civil War — Virginia was a laggard in the economy’s last seismic shift. Few Virginia businesses or entrepreneurs are remembered among the great innovators of the industrial revolution. This time around, the Old Dominion is at the forefront of innovation. We have leading companies in all sectors of the economy.

When scholars look back upon this era and list the business innovators who led the transformation of the global economy, I have no doubt that a number of Virginians will make the cut.

Who are these men and women? I don’t want to wait 100 years to find out. (Modern medicine may keep me alive, but I’ll be too senile to remember the question.) That’s why Virginia Business is teaming up with the Virginia Chamber of Commerce — and turning to you, our readers — to identify five business leaders who are inventing the economy of the 21st century.

Send us the names of the visionaries who are transforming the commonwealth’s business landscape — torchbearers who are lighting the way with new products, new uses for old products, new services, new management practices, or other innovations.

Five winners will be selected from a blue-ribbon panel of judges and recognized in a special ceremony at the chamber’s 75th anniversary gala Dec. 8. There will be one statewide winner and one from each of four regions: Northern Virginia, Central Virginia, Hampton Roads and Western Virginia.

A few points to note:

* Nominees must be CEOs of either a public or private company based in Virginia.

* Company size and sales are not a factor.

* The business may be in any industry sector.

* Nominations must include 100 words describing how the individual is transforming the business landscape. (We’ll come back for more information if your nominee makes the first cut.)

To get a nomination form via fax, dial (800) 789-6106 and request document 2000. I’ll be waiting.