What is Disruptive Innovation?
Disruptive innovation is a term used to describe a new technology or product that changes an existing market and displaces established market-leading companies, products, and alliances. It is an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading firms, products, and alliances.
Examples of Disruptive Innovation
1. Uber and Lyft: The ride-hailing giants are the perfect example of disruptive innovation. Both companies have completely revolutionized the transportation industry and have forced traditional taxi companies to adapt or die. 2. Airbnb: Airbnb disrupted the hospitality industry by allowing people to rent out their homes to travelers. This allowed travelers to have more options when looking for accommodations, and it also allowed people to make money by renting out their homes. 3. Amazon: Amazon has been a disruptor in the retail industry since it first opened its website in 1995. By offering customers a convenient way to shop from the comfort of their own homes, Amazon has forced traditional brick-and-mortar stores to innovate and stay competitive. 4. Netflix: Netflix disrupted the video rental industry by allowing customers to rent movies and TV shows online. This allowed customers to watch movies and TV shows without having to leave their homes, and it also allowed them to watch movies and TV shows that weren’t available through traditional video rental stores.
Conclusion
Disruptive innovation has revolutionized many industries and has allowed companies to stay competitive in an ever-changing market. As technology continues to evolve, it is likely that more industries will be disrupted by new and innovative products and services. For more information on disruptive innovation, please visit the following links:InvestopediaHarvard Business ReviewStrategy Business