Over the past several decades, globalization has turned the world economy into a level playing field where technology accelerates progress and competition multiplies opportunities. Such development has created a new premium for innovative products and services: their reach has never been wider!
Having said that, it is also true that the long-term survival of new solutions has never been as complex as it is right now. Going from new to old has never been quicker:
- Remember when Apple was only a computer company and not one of the world’s largest producer of mobile phones?
- Remember when Amazon was an online corner for book nerds?
- Remember when there was no alternative to conventional hotel chains?
- Remember when taxi drivers still had a monopoly?
If you do, then think about the iPhone, think about Amazon’s rapid expansion, think about the rise of Airbnb, think about the ascent of Über…
A new kind of industrial transformation
Mohamed El Erian, the former CEO of PIMCO and current chair of the US government’s Global Development Council, believes that these changes are some shining examples of what he calls “creative self-disruption”:
“An industry can be transformed by top-down changes, but new firms like Airbnb, Amazon, Apple and Über exemplify a different kind of transformation: agile players invade other, seemingly unrelated industries and brilliantly exploit huge but previously unseen opportunities. These entrants create radical new game plans and rewrite the the industry’s rules: their creativity and passion enables them to subdue and even destroy less adaptable giants in a remarkably quickly way”
The best approach to the world of creative self-disruption is a model of open innovation where solutions are developed in a collaborative way. In-house innovation must go hand in hand with crowdsourcing challenges that bring together the best of both worlds, creating value for shareholders and new opportunities for clients.
Ennomotive wants to accelerate change by enhancing innovation in industrial operations. Join our engineering challenges and don’t miss out!