As emerging technologies like artificial intelligence and augmented reality appear in the workplace, startups are innovating current business models. This is one way companies can create a disruptive business model.
A disruptive business model creates new markets by altering the way a current business model operates. Netflix is a well known example of successful disruption. In fact, many attribute Blockbuster’s downfall to Netflix. Taking into consideration the business environment, many people argue the disruptive model is needed to stay competitive. This can be difficult for companies that are established because they have a reputation at risk.
In this infographic, Fundera communicates seven ways to position a business for disruption. One of the tips is to act quickly. This translates to taking initiative and putting new ideas into place before a competitor does (e.g. Netflix).
Before you make a bold move, ensure you’re making a smart decision by identifying trends in data. Many consumers are looking for the next best thing, so this could be an effective way to grab their attention.
Is your company the next Netflix?