Prof. Clayton
Christensen, through his lifelong, dedicated, focused, intensive work on
Disruptive Innovations, has offered the foundation for the Prosperity Paradigm
through his last book The Prosperity Paradox. (https://www.harpercollins.com/products/the-prosperity-paradox-clayton-m-christensenefosa-ojomokaren-dillon?variant=32207525511202)
He has made a distinct
differentiation about Market Creation Innovations deviating from his earlier references
to Disruptions. He changes the viewpoint from the nature of the innovation to
the opportunity available for the Market Creators, thus changing the whole
outlook on innovations. I had been going through Prof. Clayton Christensen’s books
as they got published through Innovator’s Dilemma, Innovator’s Solution, What’s
Next,... He was a visionary in understanding the impact of disruptive
innovations. He not only outlined the effect of disruptive innovations on the
existing enterprises; but also offered the solution to the business leaders
& managers to leverage Disruptive Innovations to their advantage. He
guided, mentored and advised many enterprises and business groups to navigate
through the series of challenges right in the middle of multiple disruptive
innovations.
In recent times, Intel &
Microsoft Duopoly, Google, Facebook, WhatsApp, Zoho,... and many organizations
have leveraged disruptive innovations to their advantage to grow exponentially
at their prime to thrive in their respective markets. While the predominant
players in their respective markets had the benefits of the Business Leadership
thought leaders, the new Market Creators didn't have the humongous burden of
realigning their large organizations in response to the disruptive innovation. With
their passion, dedication, deeper understanding of the new technologies,
trends, tenets, trendsetting techniques & tactics, all these Market Creators could scale
up well.
Sometimes, I get a feeling that Einstein’s
Theory of Relativity offered E=mc². The disruptive revelation at the beginning
of the last century presented the hope of almost infinite source of energy. The best scientific, engineering and technological minds started working on
unleashing energy. But the projections for Nuclear Energy Generations
aren't being met! Nuclear energy generation through both Fusion & Fission
is being explored. Both, Nuclear Fission & Fusion have their own challenges,
though we have been tantalizingly close to solve!
The Market Creators can identify the
Potential New Markets and build them. Value Chain for the New Market, Value
Infrastructure with Virtuous Cycles of Value Generation & Appropriation
Points by leveraging the Disruptive Innovations.
Recently (in March 2021), I was
watching Silicon Valley: the Untold Story. Jan Koum was talking about
how everybody innovator is so close to each other. It's a different world
altogether, serendipity happens at the speed of light everyday... and overnights! The Startups grow exponentially overnight, it all ends up in a blur! And it's
quite possible while everybody is bathing in the blitzkrieg of breakthrough
Innovations, nobody has time to review,... And many, including Steve Jobs,
headed towards a ‘non-traditional’ breakout. And... it all started from the HP
Garage, which paved HP Way, generosity, equability, it’s okay to fail, but not
too many times! The narrative here gives a good indication of the dynamics and
mechanics of the phenomenon of Market Creation.
Genuine exponential scaling up to attain seemingly Humongous Instant Mass Appeal by leveraging initial encouragement from the aficionados, is the name of the game!
The moment Disruptive Innovation is considered as the Market Creation Innovation, the perspective, in turn, the paradigm changes dramatically & diametrically in the opposite direction! In fact, Prof. Clayton Christensen once spoke about a completely different perspective by the US Military when he presented the Disruptive Innovation idea to them.
A completely new humongous market opportunity emerges on the back of any Disruptive,... rather, Market Creation Innovation. The greatest challenge lies in identifying the seemingly Non Existent Market, then the greater challenge is competing with Non Consumption. The challenge for the Market Creation Innovator is in first articulating that nebulous uncertain Non Existent Market. The chances of even the conceptually consistent & closest partners buying into the idea of the Humungous Market Creation Opportunity is rather very slim! Steve Wozniak couldn't continue the journey with Steve Jobs, similar was the case of Paul Allen with Bill Gates; similar is the case with Eduardo Saverin with Mark Zuckerberg!
The greatest challenge before the Market Creation Innovators lies in turbo-propping the Value Infrastructure through the Value Creating Virtuous Cycles (VCVCs). These VCVCs have to be kept in perpetual motion to prop the Value Infrastructure to rise up to the challenges of the market as the Value Performance of the Market Creation Innovation continues to grow exponentially! The Value Chain needs to rise up to more profitable market and appropriate the exponentially increasing value in equitable manner.
The Market Creation Innovator has to be highly competent, capable, confident and resourceful enough to visualize the shape of the product offerings, acceptability by the markets whom the offerings touch.
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