Every day there is someone out there with an idea: a crockpot, selfie-stick, wireless vacuum, etc. Many inventions are designed to solve a problem for a consumer. It could be that a single mom was looking for a way to have dinner on the table for her kids while working a double shift, a family was tired of having someone missing from their family vacation photos, or for pure convenience and ease, a stay-at-home parent wanted to minimize the number of accidents with wires all over the house. When a new invention is created, a product or product(s) in the industry is being undercut by new competition (by how much depends on these innovations). For example, because the crockpot is presented as a one-pot solution for complex cooking, the crockpot competes with non-stick pots, pots, stoves, and hot plates on the market. Although the crockpot is an example of an invention that has disturbed the market by undercutting products that most would consider essential, not all inventions are considered “disruptive.”
One could say that innovation is all about creating a newer system with new ideas through the modern imagination of old devices or methods. This process requires finding an application for a better solution that meets new requirements, unarticulated needs, or existing market needs. However, disruptive innovation creates new market demand and added value to the need for new products or services. These innovations challenge established incumbent businesses. They involve considerable risk and grow at a slow speed until it reaches the mainstream, after which the product grows exponentially in the market.
New Innovations can introduce a system of transition for the next era of products. For example, the first automobiles were not disruptive for some visionaries; they were and still are classified as luxury items; however, they did change transportation forever. Over the years, we have seen how innovations impact specific industries and disturb the workflow. Innovations can change specific sectors forever, like the Human Travel Agents to Expedia, Accountants to TurboTax, Hotels to AirBnB, Taxis to Uber/Lyft, Job Recruiters to LinkedIn, Newspapers to eNews, to mention just a few. It is easy for these companies to be overlooked because they come out of the left field. These products’ success often depends on the business model and how the competition reacts to the disruptor’s gradual growth.
How Digital Cameras changed Photography and Videography
Digital cameras forever changed the camera industry. Companies that once employed tens of thousands of workers, like Eastman Kodak, no longer exist today. Photography techniques like film cameras and darkroom photography are no longer as popular. Even though the darkroom and holding negatives in one’s hand are a phenomenal and unique experience to almost all photographers, most cameras produced today are all digital. Many people own either a digital camera or camcorders, and friends or family who may have never touched a camera decades ago are now your everyday photographer. Photographers who originally offered prints to their clients for their services soon learned that clients wanted digital files. This caused a decline in photo printing and income. Most photos are now digital and don’t need the constant upgrading of your images. So much of how we engage with photography has been changed forever. Pictures for social media, job applications, family portraits, etc. can now easily be taken from portable devices.
The digital camera over the years has turned into the ever-evolving digital camera phone. A device that is no longer just a phone; it’s the world in our hands at any time. Initially, the smartphone camera was low resolution, had no flash, and no work. Now, smartphones have built-in cameras, multiple lenses, and flash. Every year mobile tech companies find new ways of creating innovative phone cameras. For example, from one camera lens to three camera lenses like the iPhone 11 has seen praise from professional photographers.
Influencers have also created a niche with selfies and vlog-style content. Inventors keep up with new trends so that they can provide potential market solutions. For example, out of the selfie craze, the selfie stick was created. Now countless apps allow you to edit and enhance your videos and photos. You can edit, use filters, and create a brand new look straight from your phone. Every day people can now use smartphones to engage with photography.
Disruptive innovations have created and changed the mainstream when it comes to services and products. These innovations push the limits of the market, bridge gaps within the market, and create pockets of opportunity for future innovations.
We at Kingdom Branding look at innovation creatively and adapt to it through our work. We work with clients who think outside the box and create a faster and more practical way of providing better services or products to their client base. If you would like to know more and are interested in becoming a part of the conversations within your industry or community, check out Kingdom Branding.