Many decades ago, economists discovered the need for disruptive innovation and technology. Every few years, industries and markets need disruptive innovation to drive the industry’s growth and the overall economy. In more recent years, some examples of disruptive technology and innovation are things we now take for granted and often use, such as GPS, artificial intelligence assistants, e-commerce sites.
In the past, those innovations that were considered disruptive technology at the time would be things like the airplane, electricity, and the automobile. At the time of their introduction or invention, they were considered radical, and now they are widely used and considered the norm.
Disruptive technology is important as it significantly alters how the economy operates and sweeps away old systems or outdated inventions or habits, and replaces them with something far superior. Here are four steps to take when introducing disruptive innovation and technology.
Find a Market that Needs Innovation
While every industry or market has needed radical changes to fill a need or solve a problem, if you are looking to cash in on disruptive technology or innovation, you have to be the one that sees problems and needs where others may not see one.
Companies that are thriving now came up with disruptive innovation and technology that radically changed the face of the market they were in and continued innovating to stay on top of those markets. Some examples would be Netflix finding a way to innovate the movie-watching industry by eliminating the need to leave your home to watch movies. Amazon was the online answer to giant box stores and malls.
These examples should give you an idea of what to strive for when looking at disruptive technology and innovation possibilities.
Track Down Companies that Exist and Fill a Gap or Solve a Problem
If you are looking to invest in disruptive innovation and technology, you want to look for start-ups or starting your own company that fills a gap or solves a problem. The companies that have the possibility of being the next Netflix or Amazon or Apple are the ones you need to tap into or emulate.
Because they were not big when the founders of these companies began them to fulfill needs or solve problems, you will need to see the potential before investing in the company.
Create a Real and Working Business Model
Your revolutionary innovation and technology will need a working business model to show possible investors why they want to take a risk and invest. Remember that almost every industry giant looked destined for bankruptcy while building the business into the giant they are today.
As long as you understand you have to work through the suck and keep building capital to get you through the lower levels of implementation of your disruptive technology, your endurance will pay off and equal big gains in the future. Most historical disruptive innovations were thought of as radical and even impossible ideas in their time. Keep pushing forward for as long as you believe in your idea.
Invest Then Watch the Market You are In
Even if your disruptive innovation is highly successful, you will need to keep an eye on the market you are in once you invest and release your innovation or technology into the market. Keep in mind, if your innovation takes off, there will be not only knock-offs but those that will come in and bring their advancements and innovation to the table.
You can’t just rest on your laurels. You have to keep up with and exceed the Jones’s when it comes to staying ahead, and relevant in the market your innovation is in, and to do that, you will need to keep moving forward.
You must stay on your toes and be ready to get out or dive deeper as the market conditions change. The deeper you understand the disrupted market, the better equipped you’ll be to take full advantage of the fundamental changes. You have to be ready to continue to innovate and change or risk selling or leaving the market if your innovation or technology becomes irrelevant.
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