Disruption has been disrupted.
‘Disruptive innovation’ is a term coined by Clayton Christensen in 1997. James McQuivey, VP at Forrester, thinks that this has already been disrupted by the digital era. Under the ‘old disruption,’ very few people could disrupt because it took tremendous amount of capital and the final product could have been used only by small number of people. In reality, only the largest companies could really come up with innovations like the MRI machine or jet engine.
In this new digital era, many people can participate in innovation because it costs so little and the ideas themselves multiply and spread with tremendous speed.
We’ve just added James McQuivey’s talk from the TNW Europe Conference 2014 to our TNW Video site and you can watch it right now for free.
James thinks that the future is not about looking at things as products, but as relationships. He gives an example from a banking industry. When someone wants to send money to someone else, banks and PayPal view it as a transaction and they charge for it. Companies like Square view it as a relationship that has the power to disrupt the banking industry in the future. Digital relationships will be the most important ingredient in the future of digital disruption
Globally, there are several companies that could be labeled as digital platforms that facilitate digital relationships. Those companies both enable and constrain digital disruption. What is it that they do? They create consumer connections.
Do you know want to who those companies are? Watch James’ video to find out.