The technological advances of the 21st century have been massively impacted by the digital upheaval: there is no future without digitalization. The sale of products and services has left the classical point of sale and now takes place on a variety of channels. Whether in the automotive industry, travel and traffic, in cities, or the financial industry – newly designed ecosystems are being created everywhere; data is being generated and analyzed in real time; and companies are competing for mobile access channels to customers in order to gain knowledge about their individual contexts and preferences. In turn, customers can now publicly share their opinions, experiences and knowledge as User Generated Content, allowing them to impact the market and empowering them to build or destroy trust.
Following the rise of digital technologies, more and more large corporations and entire industries are disrupted by technology startups. In the past it was AirBnB, disrupting the hospitality industry, with more beds in the world than any hotel chain. Now it is Tesla which is disrupting automotive companies by selling more premium vehicles than BMW or Porsche, and in the future it might be new P2P-insurance services or bitcoin-based payment apps that disrupt the financial industry.
Looking at the big picture it increasingly seems that even abundant with money and resources, large, complex corporation still cannot find a way to compete against agile, startups that are able to exploit disruptive technologies much faster.
Built on secondary research and experiences with more than 50 innovation projects, the authors aim to shed light on the disruption paradox for established companies and offer an efficient innovation framework including their 5C-process as a novel managerial solution to it. This should sensitize decision makers in established companies in regards to their innovation challenges and any digital disruption threats, and provide them with new tools to act and win the race against disruptive startups (chapter 18).
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