Sunday, April 22, 2018

5 Steps to Disruptive Innovation

With handy tools like the new age technologies, every millennial is dreaming of disruptive innovation, killing a business category or atleast changing the rules of the game in an industry ( on the way to a unicorn valuation ! ) What is disruptive innovation? 5 steps below
1.    No tinkering and delta changes. Think of the industry cost structures and what could fundamentally alter the business model and cost structures. Biggest motivator for a business change is cost. Re-imagine the business model with a new cost structure thats radically different
2.    While the new model will not be attractive to all the current stakeholders ( because you are removing some of them in the process! ), for faster adoption, make sure your new model appeals to the end customer first and then as many others as possible
3.    Do not start with technology. Draw up the re-imagined business model and see how the technologies/tools will make that a reality
4.    Never undersell the new business model on the cheap!
5.    Be prepared for the long haul. Disruptive changes occur at the fringes first since there is a backlash by incumbents. Persevere!



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