Disruptive Innovation: Giant Existing Industries (Essay Sample)
Our exploration to date has examined workplace trends, technological developments, motivation, communication, and emotional intelligence. This past week's TED talk theorized about the world in 36 years. That is not as far away as you might think. Thirty-six years ago, a scientific calculator was an extravagance that cost over $100. Computers were programmed using punch cards. The cell ‘phone as we know it was just five years old (and weighed 2½ pounds and was about the size of what it was called -- the brick). Amazing developments were predicted. Some have come to pass, yet others did not. Jet packs hover cars, and mag-lev trains never quite hit the mainstream.
It is with that knowledge that I caution about over-exuberance for the future. Still… We see realities today that were science fiction just a generation ago. You will witness what can be termed disruptive innovations. Your ability to understand this phenomenon, to navigate it, and perhaps even to foster it will impact your career success.
Watch this brief clip from the Harvard Business Review. It has more of a business school focus, but offers a good perspective on disruptive innovation.
Next, review three very short pieces about innovation in healthcare:
Haughom, J. (2016). Innovation in Healthcare: Why It's Needed and Where It's Going. HealthCatalyst.
Herzlinger, R.E. (2006). Why Innovation in Health Care Is So Hard. Harvard Business
Harvard Business Review.
Gaskell, A. (2016). Building A Culture of Innovation in Healthcare. Forbes.
Then, respond to this week's Discussion questions.
1)Identify a disruptive innovation. What was it and how did it change its industry. A healthcare example is preferable, but not necessary. Many dramatic examples exist outside healthcare.
2)Do breakthrough innovations always succeed? (Who knows what the Osborne Computer was?)
Disruptive innovation is whereby small companies come up to outdo giant existing industries (Christensen, 2013). The small industry is, therefore, a disruptor. The difference in their working is as follows; the big companies work under the principle of sustaining innovation, whereby they upgrade their products and services to make them attractive in order to attract a lot of high paying customers to buy their products. By doing so, they tend to lose some customers without their awareness and as a result instead of making profit, they end up with a loss and also become stunted in their development.
On the contrary, the disruptor improves its products and services in order to appeal to all people. Therefore, it attracts a large population of customers thus taking control of the whole market. Before the giant industry realizes, it has grown and developed to a higher extent compared to
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