The term "disruptive innovation" is particularly at home in the areas of digital disruption, digital transformation, eCommerce and digital commerce. It describes a ground-breaking innovation that fundamentally changes existing products, services or even entire markets and often displaces existing market leaders.
Disruptive innovations usually arise when a new product is simpler, cheaper or more accessible than previous solutions. They are often underestimated by established companies, especially at the beginning, as they initially only serve a small market or are supposedly of poorer quality. Over time, however, they become better and better, gain market share and can turn entire industries upside down.
A vivid example of this is the introduction of the streaming service Netflix. Video stores dominated the film market for a long time. Gradually, Netflix has completely changed the way people watch films with its digital offering - today, traditional video stores have practically disappeared.
For companies, this means that disruptive innovation can force rapid change. It is worth keeping a close eye on technological trends and new ways of thinking in order to recognise opportunities and risks in good time.
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