Business Growth Through Disruptive Innovations

The term "disruptive technology" has been widely used as a synonym of "disruptive innovation", but the latter is now preferred, because market disruption has been found to be a function usually not of technology itself but rather of its changing application. Sustaining innovations are typically innovations in technology, whereas disruptive innovations change entire markets.

One of keys to building a new market is through disruptive innovation. There are two ways in which disruptive innovation can be achieved. One way is by coming up with simpler products and services to meet the needs of those people who could not afford the more expensive versions of product or service. The other way is through sustaining disruptions. This is where an organization can improve on their current products and services. Disruptive innovation can either create new markets or by targeting the lower end of the market. This is through the creation of a newer context to the one in which previous products and services could meet the needs of the clients. However, when introducing a new product or service it would be important to come up with a new plan of business for that product or service. The idea is that we must not work to change the preferences and needs of our current customers but to make the products that meet the customers’ needs. There are cases where integration is important and cases where specialization could be best. Lastly with a new product it is necessary to concentrate more on profitability aspect rather than aiming to have instant growth. This Paper will briefly look into disruptive innovation taken by business organization and how it will help them to grow

Keywords: Disruptive Innovation, Disruptive Technology.

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