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The reason to undertake the research about innovation and its types and disruptive innovation’s impacts on industries is to develop understanding of innovation and its importance among modern business students and to develop entrepreneurial mindset that students can take into modern corporate/business world.
As per my definition of innovation, innovation is a thought, imagination or an idea that can play a role of catalyst to speedup processes, to increase efficiency, to develop new product by which company/organization/businesses create value and make those innovative products, process or idea commercially viable and make profits.
On a very minute scale, innovation can be a little tweak or adjustment. For example, giving a curve to a straight cricket bat, that little curve introduced 50 years ago can be seen today in modern cricketing bats.
Innovation can also change old operating methods into a complete different operating structure. For example, introduction of smart phones and its manufacturing.
Previous researchers like JAMES KALBACH tells us about four types of innovation and those types are as follows:
In following slides we will discuss more about the types of innovation.
It is the most common form of innovation. It uses existing technology of the business and increases value to the customers (design, features and changes). Example, every now and then Samsung and apple launches new mobiles and tablet with improved design and features with the same technology they have.
Another example is Adidas and Nike shoes.
Every time improved newer versions of shoes and sports accessories with same used and dependable technological methods.
Another thing about incremental innovation is that it falls in the category of sustainable innovation.
Sustainable innovation tends to enhance and provide better value and not disturbing the processes or involves modest changes.
It refers as an innovation that comes from inside of a company as a result of R&D.
It involves pushing boundaries of science and technology with all the risk and uncertainty involved.
This type of innovation is highly dependent on research and development, lessons and skills learned and overall technology and finally applying them in a different market to produce something unique.
Hybrid and driverless cars and solar energy sector have taken lot of R&D and finally researchers were able to put up a fight against climate change.
Game changing innovation transforms markets and even society. This type of innovation creates huge impact on how humans act, think and feel
It is the kind of innovation that we mostly think about the idea of innovation, something that has a tendency of giving birth to new industries and developing new technologies.
The introduction of Facebook has made the world a global community where not only it is easy to communicate but also made businesses easier to approach different people such that (digital marketing).
And the introduction of AI (artificial intelligence) that has taken the robotics world to a different level.
The disruptors have the tendency to challenge high end businesses by providing same product with a little lower quality at a more reasonable price.
Consumers that cannot afford to buy high end products offered by high end businesses and the consumers looking for the alternatives of the original products are the target markets of those disruptors.
Once the disruptors get the attention of the target market, it is believed that after in time to come disruptors have the potential to be the next big thing in their market.
In other words, a process by which a product or a service takes roots initially in simple applications at a bottom of a market and then relentlessly moves up in the market eventually displacing established competitors.
Category disruptive innovation market disrupted by innovation
A few of the ongoing potential disruptive innovations that may transform the world tomorrow are Robotics, Autonomous vehicles, Internet of things, Artificial intelligence, Space Colonization, 3D Printing, High-speed travels, Blockchain technology, Advanced virtual reality, Cryptocurrency etc.
Disruptors are initially perceived as a vulnerable business unit that will not last long but as time passes by, those disruptors have the potential to supersede established business units.
Problem here is why disruptive innovation seen as a threat?
Disruptive innovation is a big challenge to large and traditionally structured corporations. Often enough these corporations see disruptive innovation as a threat. They feel that they are not lenient enough and eventually become disrupted themselves.
We will follow here how technological disruption has created an impact in different industries?
Technologies which have produced great disruption in business and global economy are as follows:
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