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Clayton Magleby Christensen (April 6, 1952 – January 23, 2020) was an American academic and business consultant who developed the theory of "disruptive innovation", which has been called the most influential business idea of the early 21st century.
An 1880 penny-farthing (left), and a 1886 Rover safety bicycle with gearing. In business theory, disruptive innovation is innovation that creates a new market and value network or enters at the bottom of an existing market and eventually displaces established market-leading firms, products, and alliances. [1]
Value to innovation is an S-curve: Improving a product takes time and many iterations. The first of these iterations provide minimal value to the customer but in time the base is created and the value increases exponentially.
Crucial for the establishment and prosperity of entrepreneurial activities is a culture that promotes venture, risk and accepts business failure. An innovation cluster requires an even stronger propensity towards these values as they are instrumental for "the germination of new technologies at an astounding rate".
These principles embody the most efficient methods for conducting business in the context of the particular technological innovations and leveraging them to modernize the broader economy. Once widely adopted, these principles form the foundational "common sense" for organizing activities and structuring institutions across diverse sectors. The ...
An example is an innovation project which involves only staff from the engineering department. It is also possible for communities of innovation to be cross-functional (e.g. involving 2-3 functions). An example is an innovation project which involves staff from two functions, the business department and the environmental science department.
Leapfrogging is a concept used in many domains of the economics and business fields, and was originally developed in the area of industrial organization and economic growth. The main idea behind the concept of leapfrogging is that small and incremental innovations lead a dominant firm to stay ahead.
While innovation is a rather well-defined concept, it has a broad meaning to many people, and especially numerous understanding in the academic and business world. [ 1 ] Innovation refers to adding extra steps to developing new services and products in the marketplace or in the public that fulfill unaddressed needs or solve problems that were ...