Disruptive Innovations in Entrepreneurship; The Past, Present, and Future

What is a disruptive innovation? A disruptive innovation/technology significantly effects the surrounding business environment by adding or growing a market until another one is obsolete. They significantly alter the way business happens across the globe. Some of these technologies are extremely simple whereas other are utterly complex. They cause people to redefine their understanding of business and constantly adapt to the changing expectations.

Past

Renewable energy sources are disruptive the energy market. Previously, both commercial and residential needs were satisfied by fossil foul sourced energy. However, with the innovation of wind, solar, geothermal, and many other renewable sources the fossil fuel market has been disrupted. Furthermore, High Speed Travel has disrupted the transportation market. Horseback riding as a means of transportation was disrupted by cars, busses, boats and trains. Planes disrupted the market for long distance travel and the hyperloop is in place to disrupt the market again. Lastly, another large disruptive technology from the past is medical innovations. Discovery and development of things like gene editing and dna testing have disrupted the markets for fertility, contraception, insurance, and more.

Present & Future

3D printing is also a disruptive technology. Its heavily influencing the market for products, pretty much anything that can be produced. From cars to guns and prosthetics, 3d printing is changing the way we do business. Autonomous vehicles are a huge disruptive technology for many markets. First of all, it disrupts the production and sale of cars and other vehicles. Furthermore, it enters into the service realm of taxi cabs and ubers, potentially threatening millions of jobs. Lastly, the two biggest disruptive technologies of this day in age are blockchain and internet of things. Blockchain has huge implications for not only the banking industry but any retail or transactions involving money. The internet of things is connecting information and will effect most markets, from healthcare to mining and manufacturing.

Written by John Stark

Emory University | EEVM | Director of Membership

References

https://www.investopedia.com/terms/d/disruptive-technology.asp
https://richtopia.com/emerging-technologies/11-disruptive-technology-examples