Disruptive technology brings about a massive change in industries by replacing a system or organization already in existence with the use of technology innovation.
Disruptive innovation is very similar to this as it is a product or service created with the use of technology tools which slide into the industry to replace another product already in existence with a domineering attitude. A new idea onboard that has the capability of disrupting a specific industry or multiple industries is disruptive innovation.
Disruptive innovations are needed for an organization or company that wants to make a difference and hit the market differently while disruptive technology allows you to create a product that can replace another, that people are already using because it is more simple and more accessible for them and not because it is a 100% better version.
Identifying a disruptive technology/innovation in its early stage is very important and angel investors and seed funders are usually on the lookout for disruptive innovations.
Cryptocurrency as a disruptive innovation was discovered by only very few in its early stage. This is not because many were not aware of it but because the risk to take on cryptocurrency and invest in a new product were very high.
“What if it crashes?”
“What if no one even wants it?”
When the value of Bitcoin {the leading cryptocurrency in the world today} was fully discovered and accepted, its value skyrocketed and early investors made it huge from this development. Today, a Bitcoin is worth over 20,000 dollars and now a lot of people are diving into the world of crypto-currency with the hope of earning similar profits with another disruptive coin.
Investing in a new coin which might later appreciate is a great idea but what if you are unable to identify one?
How do we take advantage of what we cannot identify?
Peter Saddington, one of the first few millionaires from Bitcoin once stated, “What solidified my confidence that this is worth investing in is that the code is based on mathematics. It can’t be turned off.”
There is a system surrounding all types of disruptive innovation and we are going to be analyzing the general ways to identify a disruptive innovation, especially at its early stage.
To begin with, while trying to identify a disruptive innovation, rather than looking for a rapidly developing industry or company, why not look at the dying ones? Companies or industries dying out are better candidates to be brought back into the new light of the day than companies that are already in their prime.
Take, for instance, Apple Inc., a multinational technology company. It was founded in the year 1976 by Steve Jobs and 2 others as “Apple computer company.” Apple Inc. was doing well in that decade through their production of Apple-1 which sold very well until it went down in the market because of the high cost of production and the attacks from competitors like Microsoft who provided a similar device at a cheaper rate.
The introduction of the iMac, iPod, iPhone and iPad brought about the resurrection of this company that was so close to bankruptcy in the year 1997, and today, Apple is the world’s largest technology by revenue worth over $294 billion and also one of the Big 5.
The introduction of innovation to a company that was about to shut down brought about the existence of Apple Inc. today.
Questions to help you Identify a Disruptive Innovation
- What dimension is it from?
When analyzing an innovation, one of the important aspects to look at is whether the innovation is building upon an already existing product, to improve its service one way or the other or whether the innovation is combining two or more existing products to create a new never-seen-before product. Trying to improve an already existing product is less likely to fulfil the needs of the people but combining two available products to satisfy customers provides a greater chance of developing a disruptive innovation.
An example of disruptive innovation brought about by the merging of one or two existing products together is the Introduction of Computer Science which is a fusion of Mathematics, Physics and Electrical Engineering.
2. What kind of feature does it possess?
Identifying the feature of every invention is very important. Some innovations come about at low cost; some come with quality while others have their selling point embedded in quantity. Identifying the feature a product is coming with allows you to hold 30% assurance in a product. A product made faster, suitable, available and cheaper will always be in the favor of the users.
3. Is the product being waited upon by many?
Yes, users don’t even know what product is coming next so it seems like there is no way they will wait on a product they have never seen before nor have any idea of what product is great and which isn’t. Although this may play true, a product that can solve a general problem of the people is a product that drives immense anticipation. We all have common problems and we all wish solutions can be provided for them but we do not know what solution is needed to make our problem disappear therefore we will accept any product that brings ease to the problems we cannot solve ourselves.
4. Does it add an advantage?
One of the things to look at when identifying a disruptive innovation is whether the idea adds advantage or it is baggage weighing down the targeted audience or users. People tend to confuse an interesting innovation with a disruptive innovation. A strange product is not necessarily a disruptive one and a product that only appeals to the eyes but brings no comfort of any type to the user is more of a decorative product than a disruptive innovation.
Though some decorative products can turn into disruptive innovations, the probability of such is low.
Having the answers to these 4 simple questions can be taken as having gone beyond average in identifying a successful disruptive innovation. It is always good to be able to identify disruptive technologies and innovations but what if you want to create one yourself?
Do not panic. We’ve got you covered.
Tech Expo Africa is a non-governmental enterprise and tech community whose primary purpose is to address social challenges, foster deeper collaborations, and bring together entrepreneurs in private and public sectors across Africa.
This November, we are holding a conference with the theme:
“Disruptions: The Rise and Fall of African Startups”
This is the 3rd edition organized by Tech Expo Africa to dissect prevalent realities related to the Tech world through workshops and panel discussions with business moguls and global magnates.
You cannot afford to miss out on learning how to bring about your Disruptive Innovation and dominate your industry of interest.
Join our Telegram community today to stay abreast of updates, information and details on how to book your seat, physically or virtually. You can also follow us on IG, FB, Twitter, and LinkedIn: @techexpoaf.
Visit techexpo.africa or call +234 813 399 5500 for more information and enquiries.
Writer’s Bio
My name is David Victor (Vemmal), a content marketer looking at it from the North but you might want to observe from other perspectives realizing I am also a creative writer. I develop various content like Blog posts, Articles, Web content, social media content and others as long as it has a purpose and audience then I can work around it. Poetry is also my field and to avoid serving you too many side dishes here, you can reach me on:
FB – Vemmal David | Twitter – Vemmal Space | IG – @Vemmal0460
