disruptive innovation

Introduction Disruptive innovation is a term that has gained immense popularity in the world of business and technology. It has been described as a game-changing concept that has the potential to revolutionize industries and disrupt existing markets. This term was first introduced by Clayton M. Christensen in his book "The Innovator's Dilemma" in 1995. Since then, it has been a topic of interest for business leaders, entrepreneurs, and investors around the world. In this glossary definition, we will explore what disruptive innovation is, why it is important, who uses it, and some real-world examples of its applicability. What is Disruptive Innovation? Disruptive innovation can be defined as a process by which a new product or service enters the market and disrupts the existing market by displacing established players and creating a new market. This process is characterized by the introduction of innovative products or services that are simpler, more convenient, and often more affordable than the existing offerings in the market. This disruption can lead to the downfall of established companies and the emergence of new companies that cater to the changing needs of the market. Why is it Important? The concept of disruptive innovation is important for several reasons. Firstly, it creates new opportunities for entrepreneurs and startups to enter the market and disrupt the existing players. This allows for increased competition, which can lead to better products and services for consumers. Secondly, disruptive innovation enables businesses to stay ahead of their competition by continuously innovating and adapting to the ever-changing needs of the market. It also encourages companies to think outside the box and come up with unique solutions to problems. Who Uses Disruptive Innovation? Disruptive innovation is used by a wide range of industries, including technology, healthcare, finance, and retail. Some of the most notable companies that have used disruptive...