Disruptive technologies: How they drive innovation and development
Disruptive technologies are those that come in and fundamentally change the way things were done before. It’s not merely incremental change, but rather it can radically change how we go about doing things. While the examples of disruptive technologies I’m going to list below may seem obvious to you, their impact was in fact quite disruptive when they first came on the scene.
What are disruptive technologies?
– Disruptive technology has the ability to disrupt existing markets by introducing new products, services or processes.
– The introduction of disruptive technology often forces other companies to innovate in order to compete.
– Disruptive technologies can be distinguished from other innovations as having the following properties: novelty, radicalness, and speed of adoption. – When a disruptive technology is introduced, it is usually not accepted by incumbents at first because it does not offer what these organizations need at that time.
– It is only after disruptive technology gains traction with the market that it becomes an incumbent’s problem.
– However, this does not mean that incumbents are always left behind when faced with such technological change. Rather, some of them succeed by embracing the change while others fail to adapt in time and go bankrupt as consequence.
But disruptive technologies also have another less appreciated effect on the economy. As disruptive technologies penetrate a particular industry over time, they contribute to industry consolidation which leads to reduced competitive intensity among remaining players.
Moreover, disruptive technologies promote entry into industries where there were no significant competitors before. They create new firms and jobs for workers who become employed in the nascent industry being disrupted. Finally, these disruptive trends sometimes lead to major social changes that affect our way of life. For example, advances in information communication technology (ICT) have contributed significantly to the elimination of distance between people and places through social media networks like Facebook and Twitter.
How do they drive innovation and development?
Companies often use disruptive technologies to create new products and services. Without the pressure of competition, these companies have the freedom to invest in their own innovations. Consumers are also drawn to these new products because they offer something different than what is currently on the market.
This ultimately drives innovation by encouraging business owners to think outside of the box when developing a product or service. It can be hard for people to change the way they do things after years of doing them one way. However, disruptive technology helps break this cycle by introducing new ideas that cause consumers and businesses to rethink what they’re doing. Some people may view disruptive technology as a threat to how they’ve been doing things. But it’s actually an opportunity for both individuals and organizations to change how they approach their work and adapt to the times.
Disruptive technologies not only drive innovation but development as well. They force people to take notice of what’s happening in the world around them and contemplate possible solutions. Whether you like it or not, disruptive technologies will continue to shape our future whether we like it or not. Just look at the recent introduction of personal computers into everyday life. In the 1980s, people thought of personal computers as large machines that took up too much space and cost too much money.
Today, however, most homes have more than one computer – which is just a fraction of what they once were in size and cost – thanks to disruptive technologies such as smartphones, tablets, laptops, and other wireless devices. The automobile was once considered disruptive technology because cars offered something different from horse-drawn carriages or trains.
Examples of disruptive technologies
– The printing press was one of the most disruptive inventions in history. It allowed for books to be printed faster and for them to be mass-produced which led to increased literacy among populations.
– The internet is another example of a disruptive technology that has changed how we live, work, and do business. Millions of people are now able to access information without having to leave their homes which have been transformative for those with a disability or who live in remote areas. Disruptive technologies have not only had an effect on our society but on our environment as well.
For instance, cars were once gas guzzlers but new innovations such as electric cars and self-driving cars are changing that trend. Disruptive technologies continue to change the way humans interact with one another (for instance Skype). But it’s important to remember that disruptive technologies can also bring about negative consequences, particularly when it comes to privacy.
Technology companies like Facebook collect data about you and use it to create ads tailored specifically to your interests and habits; however, there is no protection from these companies selling your data to other companies or governments. We must be cognizant of the fact that disruptive technologies are unpredictable and oftentimes cause more harm than good. They offer opportunities for social progress yet at the same time pose threats to democracy. As such, we need to think critically about the future effects that disruptive technologies will have on humanity in order to make educated decisions about what should be embraced and what should be avoided.
The benefits of disruptive technologies
The benefits of disruptive technology are as follows: it creates new markets, drives innovations, increases productivity, reduces costs, enhances quality, and is easier to implement. Disruptive technologies can also provide organizations with a new business model or the means to deliver products more cheaply.
As we enter the digital age, disruptive technology is set to change our lives in ways we cannot yet imagine. Consider how smartphones have revolutionized communication for billions of people around the world. In five years, disruptive technologies will bring about quantum leaps in medical research, energy production, climate control, and the way we work and play. By 2020, 70 percent of all online commerce activity will be on mobile devices.
Michele Weisman is an expert on disruptive technologies and the author of 20 Disruptive Technologies That Will Shape Our Future. She explains that disruptive technologies create new markets, reduce costs and increase productivity by disrupting existing markets or industries. These technologies are often cheaper to produce than their predecessors because they use fewer resources. They may even perform better than the old product or service but at a fraction of the price.
