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Established companies must embrace disruptive technologies from "summary" of The Innovator's Dilemma by Clayton M. Christensen
Established companies often find themselves in a challenging position when faced with disruptive technologies. These technologies are typically inferior to the existing products in terms of performance, features, and even quality. As a result, these companies may dismiss them as not worthy of attention, focusing instead on improving their current offerings. However, what these companies fail to realize is that disruptive technologies have the potential to eventually surpass their own products in the market. This is because disruptive technologies start by targeting underserved or non-consumers, gradually improving their performance over time. As a result, they are able to attract a new customer base that is willing to trade off some features for other benefits such as affordability or accessibility. By the time disruptive technologies reach a point where they can compete head-to-head with established products, it is often too late for companies to catch up. This is because they have already built a strong position in the market and established customer loyalty. As a result, they are unable to pivot quickly enough to adapt to the changing landscape. To avoid being blindsided by disruptive technologies, established companies must learn to embrace them early on. This means being open to exploring new ideas and business models, even if they seem inferior at first. By experimenting with these technologies and understanding their potential impact, companies can position themselves more effectively in the long run.- The key to success for established companies lies in their ability to balance the demands of their existing business with the need to innovate for the future. By recognizing the potential of disruptive technologies and taking proactive steps to integrate them into their strategy, companies can stay ahead of the curve and remain relevant in an ever-changing market.
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