What is an industry disruptor? As defined by Wikipedia: “In business, a disruptive innovation is an innovation that creates a new market and value network. And it eventually disrupts an existing market and value network. Thus, it displaces established market-leading firms, products, and alliances.” Today, Being an Industry Disrupter – Part One. Tomorrow, Being an Industry Disrupter – Part Two.
First, look at these related posts:
- Expert Insights on Auto Industry Disruptions
- Strategic Technology Predictions for 2019
- Learning from Failure
- Businessweek’s 85 Big Ideas over the Last 85 Years
Being an Industry Disrupter – Part One
Consider what it might be like if YOU were an industry disruptor. Below we look at what can be learned by examining recent disruptions in the transportation industry. And how you could use these lessons.
To begin, break down the immense projected profits of ridesharing companies should be motivation to glean as much as you can from this. One thing to keep in mind is that while there might seem like a natural evolution in an industry, let’s not forget the lessons learned from laser disks, blue ray players, and betamax machines. Just because something seems better, it doesn’t mean that consumers actually want it. Instead, look at user experience for inspiration.There is a connection between customer pain points and how these innovations arise. Whether the issue is cost, in the case of car purchasing; or convenience, or incorporating existing tech more effectively, there is precedent that shows how best to approach your next idea.
Your ability to look at an industry from a new cultural context might also give you a leg up. Part of ridesharing’s success outside of traditional industry leadership was that it wasn’t on the cultural radar that this kind of thing would be possible. Another potential lesson is that the established industry is not always the enemy. While it might seem they would be resistant, companies like Toyota, Ford, and GM all invested heavily in ridesharing.
Below, how lessons learned from transportation can be used for your own great idea. Thus, you can get your idea on track before someone yanks it out from under you!