So much has been said about disruptive innovation, that it can sometimes feel that to be in a traditional, scaled business is to somehow be on a fast track to extinction. In fact, scaled businesses are remarkable success stories – to have survived from start-up to profitable-at-scale is no mean feat. The threat of disruption might be existential, but that doesn’t negate the fact that within the success of the current business lie the clues to the shape of the future business.
In our experience, surviving the collision does not mean starting from scratch. The answer doesn’t lie in abandoning the current business in favour of something completely new and different, but rather in innovating the right elements of the current business model in response to disruptive changes in the external system.
How to do this? While there is no perfect answer, there are some common tools and approaches which can help successful businesses today is to identify where those differences might lie and how to respond to them, while also capitalizing on the advantages that can be sustained from the current business model.
Disruption happens due to changes in the external system – from regulatory changes, to technology changes to changes in consumer attitudes, so in some ways the collision is inevitable for any business.
But that doesn’t mean that you can’t pick the right battles and respond in the right way. In fact, with vision, preparation and a gameplan, the collision can be the impetus to the next version of your business. Here’s how..
Download the full article below