Exploring Disruptive Innovation Potential
Disruptive innovation involves introducing new technologies or business models to address significant customer problems by offering solutions that are 10 times cheaper, simpler, or better than existing options. While disruptive innovations may not be immediately profitable, they have the potential to reshape markets. This requires a focus on desirability, feasibility, and viability, often leading to the creation of new start-up ventures. Implementing a process that supports disruptive innovation is crucial for organizations seeking to stay competitive in evolving markets.
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Disruptive Innovation A disruptive innovation is one that uses new technologies or business models to make existing products and services accessible to the market. To be considered disruptive, the product or service should be Desirable, Viable and Feasible. Address significant and growing customer problem Desirable Provide a solution that s 10x cheaper, enabling new business models Provide a unique solution that s 10x simpler or better than existing options Viable Feasible Disruptive innovations tend to be created more in start-up companies than larger organizations. Established businesses are more interested in creating innovations that can sustain their companies versus cannibalize their existing products and services. Creating disruptive innovations requires a resource investment, although these products and services are generally not profitable from their start. Further, it is harder to get stakeholder buy-in for these innovations because they would rather invest these same resources in cutting-edge products and services that would help create a competitive advantage for their existing solutions. 1 Want more best practices? Visit Praxie.com
Disruptive Innovation Product Performance Time 2 Want more best practices? Visit Praxie.com
Disruptive Innovation Describe the Innovation for each criteria and use a 1-10 score to determine if an innovation has disruptive potential. Disruptive Potential Desirability Feasibility Viability Provides a unique solution that s 10x simpler or better than existing options Provides a solution that s 10x cheaper, enabling new business models Addresses significant and growing customer problem Score Total from Desirability + Feasibility + Viability Ideas (Score 1-10) (Add Scores) Edit this text with the name of idea #1 Edit this text with the name of idea #2 Edit this text with the name of idea #3 Edit this text with the name of idea #4 Edit this text with the name of idea #5 3 Want more best practices? Visit Praxie.com
Actions Create an action plan focused on setting up your innovation process so it supports Disruptive Innovation. Consider the people, process methodologies and tools, and technologies that you will use to support your process. Actions Owner Due Date Enter action here Enter owner Enter due date 4 Want more best practices? Visit Praxie.com
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