Quotes about Innovation

A new-market disruption is an innovation that enables a larger population of people who previously lacked the money or skill now to begin buying and using a product and doing the job for themselves.

Put simply, innovative thinkers connect fields, problems, or ideas that others find unrelated.

the firms that led the industry in every instance of developing and adopting disruptive technologies were entrants to the industry, not its incumbent leaders.

Managers who confront disruptive technological change must be leaders, not followers, in commercializing disruptive technologies.

But in disruptive situations, action must be taken before careful plans are made. Because much less can be known about what markets need or how large they can become, plans must serve a very different purpose: They must be plans for learning rather than plans for implementation.

Well-managed companies are excellent at developing the sustaining technologies that improve the performance of their products in the ways that matter to their customers. This is because their management practices are biased toward: Listening to customers Investing aggressively in technologies that give those customers what they say they want Seeking higher margins Targeting larger markets rather than smaller ones

they reached as far upmarket as they could in each new product generation, until their drives packed the capacity to appeal to the value networks above them. It is this upward mobility that makes disruptive technologies so dangerous to established firms—and so attractive to entrants.

Companies make attractive money when they solve the hardest problems.

In dealing with disruptive technologies leading to new markets, however, market researchers and business planners have consistently dismal records.

That work led to my theory of disruptive innovation,1 which explains the phenomenon by which an innovation transforms an existing market or sector by introducing simplicity, convenience, accessibility, and affordability where complication and high cost have become the status quo—eventually completely redefining the industry.

Competitiveness is far more about doing what customers value than doing what you think you're good at.

In reality, spinning out is an appropriate step only when confronting disruptive innovation.