To receive Jonathan Hall’s monthly newsletter on Innovation, directly in your inbox subscribe here. Companies talk about disruptive innovation so much nowadays that some would say the concept’s been devalued. But in case we’ve all become complacent, a clutch of thinkers caution us to wake up fast. HBR published an article stating that the concept of disruptive innovation has changed: Big Bang Disruption is a whole new beast, and it has the potential to destroy businesses overnight. So, our focus this month is on blind-siding, technology-led innovation with the potential to come from anywhere.
“Your Business Is Already Being Disrupted”
Every company knows who its key competitors are – we track them relentlessly. And we know how to respond when major players introduce new products and services. But what if there’s something lurking in an adjacent market with the power to re-invent a category? Higher Education is in the throes of being disrupted by a previously unconceived-of competitor: Silicon Valley.
“Disruption comes faster than ever before”
It’s not just technological advances that are speeding up the innovation process: so has the social web and the almost infinite opportunity it brings to access talent and capital. Need developers or someone to design a logo? Go to Elance or Odesk. Need start-up cash? Go to Kickstarter. Expert advice? How about LinkedIn?
“Each epic failure feeds consumer expectations for the potential of something dramatically better”
Before the iPad, there were several failed attempts at creating a tablet PC. Before the Amazon Kindle, no one was able to crack the e-reader code. Crucially, both products benefited from failed attempts that prepped the market. So, will Google succeed with Google Glass? Will smart-watches take over from smartphones? Or are these just the opening shots, out of which the Next Big Thing will emerge ?
It’s not all gloom and doom. A potential Big Bang Innovation can help keep your business or brand on its toes. How to survive? Develop a disruption of your own; create a culture that is open to change (or acquire it); and/or exploit your strengths, like size or brand appeal.
The advent of the “Sharing Economy” is signaling a seismic shift in the way people think about the things they own and consume, offering immense challenges and opportunities. It’s already pushing on the automobile and hotel industry.
And of course Big Data’s getting in on the act, too. Big Data will act as a fuel for disruption by helping previously unknown competitors become competitors. Did Movie/TV studios ever think that Netflix would become more than a distributor?
Future Disruptor Highlight: 3D printing
This is not a cool toy, it will change the world.
Top 5 disruptive technologies
From the intelligent home to biometric sensing and monitoring. Continue to article.
Written by Jonathan Hall, Managing Director, Added Value Cheskin
Image source: Googleprevnext