Term of the Day
βDisruptive Technologyβ
Definition β What is a Disruptive Technology?
Disruptive technology is an innovation that dramatically changes the way consumers, businesses and industries operate. Clayton Christensen popularized the idea of disruptive technologies in The Innovator's Dilemma, published in 1997. It has since become a buzzword in startup businesses that seek to create a product with mass appeal.
Technological advancement is the single most exciting thing that can happen in the business world today. It shakes up markets and makes business circles question which industries will succeed or fail when the time comes for new adoptions. Disruptive technology opens the door for new entrants, such as startups, to target the overlooked customers and meet their needs at a lower price point or create a market where none existed. They take advantage of the opportunity to displace big companies in an established landscape and completely replace their predecessors by offering revolutionary benefits that are notably superior. A recent disruptive technology that originated from the internet is e-commerce. Nearly every product and service are available through e-commerce transactions, from buying movie tickets, online shopping to online stock investments, online banking, and much more.