Disruptive Innovation
Innovations that significantly alter or displace established markets or industries, often by creating new value propositions or cost structures.
Implications
A concept where a new product, service, or technology significantly alters the market by offering a more accessible, affordable, or simpler alternative, often displacing established competitors and reshaping industry dynamics.
Example
Example: The introduction of smartphones is a classic example of disruptive innovation, as they disrupted the traditional mobile phone market by offering additional functionalities and creating entirely new industries.
Related Terms
Different from sustaining innovation, which improves existing products for current customers, disruptive innovation targets new markets or creates new value networks, often at a lower cost.
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