Categories: Product Development
A disruptive innovation is an innovation that helps create a new market and value network, and eventually goes on to disrupt an existing market and value network, displacing an earlier technology. The term is used in business and technology literature to describe innovations that improve a product or service in ways that the market does not expect, typically first by designing for a different set of consumers in the new market and later by lowering prices in the existing market. (Source: WikiPedia)
Definition of "Disruptive Innovation" by Chat GPT: Disruptive innovation refers to a new technology, product, or service that fundamentally changes the way an industry operates. It often starts as a simpler, more affordable alternative to existing offerings, initially serving small or niche markets before eventually displacing established competitors and reshaping the industry as a whole. Disruptive innovations typically target underserved or non-consumers and gradually gain traction before disrupting the traditional market leaders.
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