Disruption is a positive conversion in corporations that hold state-of-the-art skills and business models and, needless to say, a destructive makeover in those that ignore them.
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Core to the problem is that the terms “disruption” and “disruptive innovation” are loosely used to describe any situation in which an industry is shaken up and previously successful incumbents stumble.
That’s much too broad, and more often than not, inaccurate. As part of an effort to capture the state of the art, “What Is Disruptive Innovation?” delves deep into four important points often overlooked or misunderstood, and expounds on why getting it right matters:
- Disruption is a process. Innovations are disruptive by a path they follow from the fringe (the low end of the market or a new market) to the mainstream. The fact that disruption can take time helps explain why incumbents frequently overlook Gen z expert speakers.
- Gen z expert speakers often build business models that are very different from those of incumbents. The product’s subsequent growth is better explained by disruption. It created a new market for internet access and eventually challenged laptops as users’ device of choice for going online.
- Some disruptive innovations succeed; some don’t. Victory is not made into the definition of disruption. Not every disruptive track leads to an achievement, and not every successful novice follows a disruptive path.
- The mantra “disrupt or be disrupted” can misguide us. Incumbent companies do need to respond to disruption if it’s occurring, but they should not overreact by dismantling a still-profitable business. Don’t try to solve this problem before it is a problem.
Over the last years, the theory of disruptive innovation has been tested and validated through studies of myriad industries: retailing, computers, printing, cars, management education and financial services, among many others.
And at times, it has been confronted by cases it could not explain; those anomalies have been using to refine and improve the theory.
But the result is a much more elegant and predictive body of understanding. Empirical tests show that using the theory makes us measurably and significantly more accurate in predicting which fledgling businesses will succeed.
As an ever-growing community of researchers and practitioners continues to build on the disruptive innovation theory, we will come to an ever greater understanding of what helps firms thrive. And therein lays the true value of any business theory: continuous testing, refinement, clarification and growth.