Harvard Business School (@HBSNews) professor Lynda Applegate says one of the forces that threatens established companies — disruptive change — can also be a source of salvation. She encourages executives to leverage disruptive change as a platform for innovation.
Disruptions in the business environment cause economic shifts that destabilize industries, companies, and even countries. They allow new entrants or forward-thinking established players to introduce innovations — in products, markets, or processes — that transform the way companies do business and consumers behave.
These disruptive innovations are not just novel inventions. Successful innovators take ideas and turn them into opportunities by adding a business model that creates sustainable economic value for all stakeholders. They then go one step further and exploit the opportunity by creating a sustainable business.
She lists the following guidelines to positively leverage disruption to create value:
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