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From Wikipedia :
In business, a disruptive innovation 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.[2]
What is industry disruption? My answer came from here:
What’s disruption? It’s what highways and trucks did to railroads, what online streaming video is doing right now to DVD rentals and traditional network television, what typewriters did to pens, what word processing did to typewriters, and what mp3 files and iPods did to the music industry. It’s what email did to the post office. It’s what the web search did to public libraries. It’s what the Amazon Kindle did to book sales.
What Does it Mean to Disrupt an Industry?
I personally was at Best Buy as a buyer when they disrupted the consumer electronics industry by switching from commissioned sales to non-commissioned sales. It turned the entire retail industry on it's axis. Best Buy at the time referred to it as Concept II. And, they knew at the time they already had to be working on Concept III as people fast follow copied their Concept II.
If you are a student of entrepreneurship (and I am not talking about the type that simply imports a sticker from Alibaba and puts it on eBay) then you should be studying Disruptive Innovation. That is where the commandment of NEED meets SCALE. To disrupt a market, you have to be the first market mover on your Concept II.
Theranos (fraudulently) raised billions by offering a (fake) value proposition of Disruptive Innovation. KMART failed because they failed to innovate and adapt with their own Concept II. Carvana would be a great example of a company that shows promise of changing an entire industry. Is the business you are working on capable of being disruptive, or is it "me too?"
What examples do you have?
What got me thinking about this was a video I saw this morning :
In business, a disruptive innovation 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.[2]
What is industry disruption? My answer came from here:
What’s disruption? It’s what highways and trucks did to railroads, what online streaming video is doing right now to DVD rentals and traditional network television, what typewriters did to pens, what word processing did to typewriters, and what mp3 files and iPods did to the music industry. It’s what email did to the post office. It’s what the web search did to public libraries. It’s what the Amazon Kindle did to book sales.
What Does it Mean to Disrupt an Industry?
I personally was at Best Buy as a buyer when they disrupted the consumer electronics industry by switching from commissioned sales to non-commissioned sales. It turned the entire retail industry on it's axis. Best Buy at the time referred to it as Concept II. And, they knew at the time they already had to be working on Concept III as people fast follow copied their Concept II.
If you are a student of entrepreneurship (and I am not talking about the type that simply imports a sticker from Alibaba and puts it on eBay) then you should be studying Disruptive Innovation. That is where the commandment of NEED meets SCALE. To disrupt a market, you have to be the first market mover on your Concept II.
Theranos (fraudulently) raised billions by offering a (fake) value proposition of Disruptive Innovation. KMART failed because they failed to innovate and adapt with their own Concept II. Carvana would be a great example of a company that shows promise of changing an entire industry. Is the business you are working on capable of being disruptive, or is it "me too?"
What examples do you have?
What got me thinking about this was a video I saw this morning :
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