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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