Disruptive Innovation
A disruptive innovation is an innovation that helps create a new market and value network, and eventually disrupts an existing market and value network (over a few years or decades), displacing an earlier technology. These innovations generate high-risk, high-return breakthroughs that often begin at the bottom of a market and eventually displace competitors.
The Process
- Separate disruptive efforts from core business operations.
- Crate an organizational talent inventory to define required talents which the organization has or needs to source.
- Acquire and retain necessary talent.
- Create an atmosphere to challenge conventional wisdom. Out of the box thinking.
- Reduce bureaucracy and promote flexibility.
- Clearly define problem or problems to solve.
- Brainstorm innovative solutions with a multifunctional team.
- Develop ideas and run them through feasibility filters for organizational, technological and operational capabilities.
- Create roadmap for implementation defining necessary resources, risk management procedures and assigning responsibilities.
What does the Disruptive Innovation process achieve?
Innovations in the following areas:
- Products.
- Services.
- Business Models.
- Operational Models.
- Creation of new competitive advantages.
- Increased market share.
- Increased profitability.
- Accelerated growth.