Corporations and enterprise companies have all the cause to be extra motivated in the current business world. The disruptive remodeling of business operations and technology integrations are constantly transforming business operations. Because of their behemoth size and the number of policies in place, corporations are not the go-to places for disruptive innovation.
Startups are able to integrate with disruptive technology that significantly alters the way business operates. These disruptive innovations are instrumental in meeting customers need while introducing a fit to the systems that exist. The final aim of disruptive technology is to solve customers’ problems in an entirely new workflow. Of course, the design of these workflows is to make it easier and less stressful to get the solutions.
This article focuses on disruptive entrepreneurship. It also explains how corporate organization are reinventing their business operations.
Disruptive Entrepreneurship and Innovative Technology
Startups are close best friends with disruptive innovation. From Jeff Bezos’s Amazon to Elon Musk’s Tesla, these different disruptive companies were once disruptive entrepreneurs in their respective business areas. Disruptive entrepreneurs are usually the innovators that introduce new products and/or services that change a part of the industry or the entire industry.
Disruptive innovation, from a standpoint, is available and affordable to a group of customers with a distinct problem. These innovations are simple to use and improve on the existing solution that exists in the market. According to Harvard Professor Clayton Christensen, he defines disruptive innovation as a simple to use application that moves from the bottom of the market to displace the main competitors.
In fairness, enterprises and huge corporations do not see or choose not to acknowledge these disruptive innovations in the market. Incumbent competitors place more attention on increasing revenue from the product from their current customers. However, this negligence is good news for startups and new entrepreneurs. They are able to concentrate on the small niche market and cater to the customers in this group.
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Using new technologies and building around the different capabilities they provide to meet and solve the problems that exist in the market is the main goal of these innovations. These solutions do not just solve the problems that exist now, they also create the chance and foundation for future solution design.
In recent times, digital transformation and radical innovation via technology characterize the bandwagon that is driving the existing disruptive entrepreneurship activities. Irrespective of the level where these disruptions are occurring, the delivery of the different standards to the usual convention makes it stand out.
Major Disruption by Entrepreneurs in Recent Times
Emerging technologies are the major highlights in renovating different business operations and integrations of new methods. For recent disruptive additions, the innovations below are some of the notable disruptive innovation that is getting full attention
Top cloud computing providers like Amazon, Microsoft Azure and Google Cloud Platform are forerunners in the cloud computing space. These services provide computing resources that can be up and running in a matter of seconds.
This solution spans various uses and provides several advantages for heavy computational and high server users. Streaming services like Spotify are capitalizing on cloud computing to provide streaming services to their customers. This disruptive way of consuming music is a game-changer in the entertainment and media industry. Their success quickly sparked a rethink of how the media services are generally operating and how this innovation can better serve for seamless servicing.
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Cloud computing is also providing the computing power that startups need to deliver their solutions to customers at a cheaper rate. With minimum investment, startups are able to access the same computing resources and integrate new innovative features without spending all their resources on their servers and technologies alone.
Cryptocurrency and Blockchain
Payment systems are generally providing more options to customers. This is aiding the diversification away from fiat and traditional financial exchange systems. Cryptocurrencies are digital currencies that use the blockchain as their decentralized database. This database is available publicly for transactions and visibility of all updates.
Of course, Bitcoin is the most popular cryptocurrency presently. While some businesses are contemplating the adoption of Bitcoin and other forms of digital payment options, some disruptive entrepreneurs are already planning on its adoption.
Visibly, the wide range of acceptance of this digital currency is to hedge against inflation from the traditional currencies. Aside from this singular benefit, privacy and worldwide availability is another major benefit leading to the adoption of cryptocurrencies in general.
Engaging with customers on social media is now a necessity. Unlike previous business models that did not find a need to interact with customers often, social media is making industry leaders rethink that decision. Asides from the basic interaction available via social media, the different social media channels also provide customer reach to businesses.
With digital advertising mediums, businesses are more visible and engaging with their target customers at all times. Businesses can employ different marketing and advertisement strategies to get to their customers through the different digital marketing opportunities available.
Internet of Things
The interconnectivity of things proposes an idea where the internet is the connector of everybody and digital devices. Theoretically, all technologies around every individual should have a way to connect to the internet. This least to the automation of different objects and technology leading to an intelligent-led ecosystem.
For startups, building their business model around disruptive innovations such as IoT puts them in a better position in the marketplace and attracting more customers. The potential of having all your computers and devices connected to you via the internet is a great innovation that promises to transform real-life systems.
Disruptive innovation and re-engineering of how business operations are running are always changing. All thanks to the innovations from experts, entrepreneurs and other change-makers in the market, customers can get easy and simple to use solutions to their problems. Corporations are also on the lookout to adopt these innovations and renovate their business processes in order to provide value to their customers.