Disruptive Innovation

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  • The term disruptive innovation has many characteristics attached to it

 

  • Disruptive innovation was defined by an American scholar Clayton M. Christensen, as an innovation that destroys previous technology and markets, creates new markets, new value and focuses on future needs rather than current ones

 

  • All these characteristics need to be present for innovation to be disruptive

 

  • Not all innovation therefore is disruptive, it is simply just new innovation

 

 

  • On a broader level, disruptive innovation is also different to digital disruption

 

  • Digital disruption can be described as a change in existing business models using digital technologies, an example of this is FinTech 

 

  • FinTech has disrupted the financial services sector using new digital technologies such as mobile payments, banking apps, robo advisors etc.

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