During a meeting with a partner earlier, I felt like Dr. Strange when he had no choice but to give up the time stone to Thanos. When the news was dropped, it felt like the air is being sucked out of me and chain smoking a pack of cigarettes was the only way to survive. Signed a non-disclosure agreement so I can’t speak any of it, but all I can say is that a critical “time stone” that gave us advantage over our behemoth of a competitor – Thanos – has been shared to them. It was originally exclusive to us.
On my way home, I was trying to think of a way to manoeuvre our product and outsmart our competitor. “Thanos” has more money, bigger team, has been ahead of us for 3 years, and has built enough traction to claim billions in their portfolio. A normal hero would easily back down, but not Dr. Strange. After eight seconds of meditation to foresee the million ways of how this battle will end, with only one scenario of us rising as the winner (kidding), I realized that we were exactly built for moments like this. This is where my MSc in Innovation and Business will come in handy. Had to put on another face of a superhero. Dr. Strange is out, and Captain Marvel is in.
I remembered some lessons that we had from our Disruptive Innovation class by Prof Toby Canto. He gave us a reading from Harvard Business Review where Clayton Christensen, the original guy who coined disruptive innovation, explained why it is important to define what kind of innovation you are pursuing, where you are now and how to combat incumbent behemoths like “Thanos.”
“Disruption” describes a process whereby a smaller company with fewer resources is able to successfully challenge established incumbent businesses. Specifically, as incumbents focus on improving their products and services for their most demanding (and usually most profitable) customers, they exceed the needs of some segments and ignore the needs of others. Entrants that prove disruptive begin by successfully targeting those overlooked segments, gaining a foothold by delivering more-suitable functionality—frequently at a lower price. Incumbents, chasing higher profitability in more-demanding segments, tend not to respond vigorously. Entrants then move upmarket, delivering the performance that incumbents’ mainstream customers require, while preserving the advantages that drove their early success. When mainstream customers start adopting the entrants’ offerings in volume, disruption has occurred. [Click here for the full article at HBR]
When you hear disruptive innovation, you may think of Airbnb, Spotify or Netflix, but innovation does not always involve the technologies that we are familiar today. You can also include community colleges, retail medical clinics and discount retailers as entrants that disrupted the education, hospital and department store industries.
Right now, we are that small entrant to a market dominated by “Thanos”. Disruption is inevitable, like the rise of Captain Marvel in Avengers 4. I guess for the weekend, I need to get back to the drawing board and restrategize to find a way to knock the gloves out of Thanos. I only wish we had more superheroes in the team. That meeting lit the fire under my ass and work just got more exciting.