Three Things to Know about Disruptive Innovation

Three Things to Know about Disruptive  Innovation.

In today's fast changing world of business, the term ''Innovation'' is largely  being used. In this article, you are going to discover  Three Things about  Disruptive Innovation.  Innovation is defined as the creation of a new way of doing something, whether the enterprise is concrete (e.g., the development of a new product) or abstract (e.g., the development of a new philosophy or theoretical approach to a problem). 

Innovation plays a key role in the development of sustainable methods of both production and living because in both cases it may be necessary to create alternatives to conventional ways of doing things that were developed before environmental consideration was central to most people’s framework for making decisions.

The following are Three Things you need to Know about Disruptive Innovation.

# Disruptive Innovation as a process

 For instance, an organization may innovate in the way it operates or delivers services, resulting in greater efficiency, fewer errors, faster speed of production, and so on.

 #Disruptive Innovation requires resources. It does not just happen! 

In general, scholars have noted that the best model for producing useful knowledge about the empirical world (i.e., knowledge based on observation and experimentation rather than theory or belief) is to foster the work of many relatively autonomous specialists whose work is judged by its merits rather than its conformity to pre-existing beliefs or traditional ways of doing things.

# Disruptive Innovation improves a product or service in ways that disrupt an existing market

American economist and professor Clayton M. Christensen coined the term disruptive technology (later disruptive innovation) to describe innovations that improve a product or service in ways that disrupt an existing market (as opposed to a “sustaining innovation,” which improves an existing product and reinforces the position of leading manufacturers in the field). The disruptive innovation often has characteristics that the traditional customer base does not care about, and may even be inferior compared to existing products, but will appeal to a different set of customers with different priorities. The innovation is “disruptive” not to the consumer (who, at least at first, has the choice to buy either the existing or innovative product) but to businesses that may be doing a good job supplying an existing product and yet see their market disappear as the new technology becomes widespread.