Creating New Industries with Disruptive Innovation
A term coined by Clayton Christensen (Professor at Harvard Business School), disruptive innovation is a theory:
Disruptive innovation, a term of art coined by Clayton Christensen, describes a process by which a product or service takes root initially in simple applications at the bottom of a market and then relentlessly moves up market, eventually displacing established competitors. – See more
Clayton Christensen, “instead of telling him what to think, I told him how to think“.
In an interview, Clayton Christensen made the above statement when discussing a meeting he had with Andy Grove of Intel. When he had the meeting, he was given 10 minutes to tell Andy Grove what he should do with Intel. Knowing his knowledge of the technology field was limited, he told him he could explain his theory and they could apply it to Intel to draw their own conclusions.
CREATING INDUSTRY WITHIN INDUSTRY
Sometimes in the effort to move forward, companies “leave a lot on the table”.
A company starts off with a small product or concept. As acceptance grows, their image allows them to become more creative and the products become more expensive. However, this is not necessarily a “bad thing” as their followers look forward to their next product. With Clayton’s theory of disruptive innovation, newer companies move in and create new products and concepts along these lines brining in “new” customers.
What Andy Grove learned the day that Clayton Christensen came to visit is that Intel was leaving the door open for competition at the base of their industry. The “necessary” thing to do was to meet the competition by going down and competing at the bottom of their industry. If left undone, these companies will soon be able to compete at higher and higher levels.
MONETARY INDUSTRY WITHIN ITSELF
French Megabank Société Générale Seeks Bitcoin Expert – One of France’s largest banks understands the reality of the Digital Currency World. The bank is making a giant step forward as it prepares for its future. A future working within the digital currency industry. Banks have to work hand in hand with the changing world. It is a matter of adaptation to the movement within the economy.
Although the above article addresses Bitcoin, there are more of these Digital Currencies surfacing to enter into the Global E-commerce Market. You will soon recognize one as it emerges due to the level of scrutiny it has asked to come under.