Disruptive innovation has been seen as both the hero and the villain of business marketplaces. It is defined as an innovation or technology which not only disrupts the market place but also eventually replaces the current market leader. Now this is a motivator for startups and newer entrants but sounds a death knell for well established companies. This is in contrast to sustaining innovation in which the existing market contenders better themselves at each step and provide the product and performance that the customers seek.
I’d like to think both these approaches are on the opposite ends of the spectrum, like Batman and Joker. While one tries to be the hero the city deserves, the other disrupts the current order to bring in a new one. There are stark differences to how these technologies approach the market and conquer it. But well, it’s not all black and white.
Let’s see how this actually works and how a disruptive innovation progresses.
When a disruptive technology enters the market, it caters to a very small consumer base with niche requirements. There is a void for this small crowd and this is satiated by a disruptive innovation which brings them a new product that provides value additions and is not offered by anyone else. The product in itself creates a new market for something which was not known before. Now a market leader does not pay much attention on this section of the customers or the new technology as it is not feasible to follow and invest along these lines. They rather place a safe bet on the existing technology at hand as it is in trend and guarantees revenue for sustained operations.
Here the big and established companies are not evil; it’s just that they cannot divert resources to an area where the prospects seem feeble as the market for such a technology doesn’t exist yet. The age old business motto of serving customer needs is of the prime dominance here. But when the product being released starts being above the needs of the consumer, which usually happens when the market tries to adapt to the users, it causes a disparity which leads to them moving towards the disruptive technology which was hitherto seen as not desirable or profitable. This eventually displaces the existing technology and the newer technology takes over, becoming the primary one. So you see this is a cycle rather than a chain of events.
The E-learning industry is still in its nascent stage and is growing. The LearnSocial marketplace is a part of this disruptive technology movement in the education sector and is at the forefront of creating a new market for learning needs. What we do best is replicate the offline experience on the online platform. We present an interactive and dynamic method of teaching which enables our learners to get the most out of our courses. We ensure that the learners have all their knowledge needs met by creating a fluid, engaging learning environment that makes them feel at home, while at home! 😀
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