8 Disruptive Business Ideas And Opportunities
What do…Exponentially accelerating computer power, mobile internet connectivity and Artificial Intelligence….Urbanization, Aging population….Exponential growth in digitization of healthcare, entertainment, transport systems, roads and much else…..New Business models that demonetize, dematerialize and democratize…..Connected crowds that finance, create, solve and soon, everything else.…all have in common?
They are the preconditions for the ‘perfect storm’ that is raging through most incumbent businesses and is disrupting many…They are also the preconditions for an unparalleled surge in innovations by new start-ups and incumbent driven new businesses that will reshape the corporate landscape for decades to come….at least for those that see the opportunities and are prepared to embrace them…..
3 Common mistakes of the business world in times of major change:
- The company refuses to recognize that a fundamental change is about to happen which eventually can substitute the incumbents business. There is a need to respond and to embrace the change. Typical example Kodak and Digital camera market. To avoid this we need always to devote independent resources to innovate with autonomy and away from the core business.
- The Belief that the ‘the boss is always right,’ typically observed in companies lead by entrepreneurs/company founders that have been leading for long, navigated the company successfully through economic cycles and have seen a lot of changes. Being open, curious, humble, understanding the new market/business model trends and devoting time to discover what has changed and how to respond is the best way.
- Even should management understand what happens, the response is ‘a blast from the past’. As new business models, technologies and ‘ways of working’ are changing the business landscape, a new, innovative way is likely going to be the correct response.
So, how to be prepared and how to fully embrace the opportunities that this‘perfect storm’ will bring? How to make sure that your incumbent company thrives and your start-up doesn’t stop?
8 Disruptive Business Ideas to keep you safe:
- Drop ‘sustaining and incremental Innovation’. Leave that to your suppliers. In the era of exponentially growing technologies (Computing, AI, Robotics,…..) direct your innovation teams with big targets, ie, instead of ‘20 % improvement’ ask for ‘20 x better’ …..
- Transform your soul: from ‘inward, inside the box,’ to ‘connected, outward looking’. You’ll capture the hearts and minds of those inside and outside of the company.
- Manage the crowd as an integral element of your company’s success.Participate and create communities to experiment and Innovate. In the era of connected, shared, crowdsourced and on demand almost for everything innovating through crowd is a wise option.
- Devote more resources for business model innovation and change your business model as the Business model becomes the product.
- Use the available and exponentially growing technologies to disrupt other industries and create businesses across industries.
- Use unutilized assets and connect them to a new platform that leverages users and suppliers. Uber or Airbnb business model for other suitable industries.
- Invest in relevant accelerators/start-ups to Innovate autonomously outside of your core business. Then, leverage your brand through these new initiatives.
- Become active in Social Performance Measurement.‘Connected’ companies are ‘visible’ companies and with Internet connectivity growing in the less rich parts of the world, SPM is the ‘social conscience companion’ to ‘exponential economic growth.’
Thank you very much and we appreciate your feedback or additional business ideas
Mike Mastroyiannis is Business, Management & Executive Coach and Consultant for among others Exponentially Disruptive Innovations. He has served as CEO of business units in Multinationals, founded or lead start-ups and serves in advisory boards. He can be reached through LinkedIn or email at firstname.lastname@example.org