Disruptive Innovation Examples That You Will Discover at the EIT Digital Conference 2019
July 12, 2019
When it comes to dealing with competition, there are two main strategies to develop and expand your business: disruptive or sustainable innovation.
- Companies with sustainable innovation strive to improve the quality of the product they offer in order to give their established customer base an increasingly better experience. They are in the mainstream, but they target customers that move through higher levels of the market.
- Disruptive innovation, however, finds a niche and creates a new value network that eventually moves up from the low end to the mainstream market. Its goal is to attract as many customers as possible while developing a product that is accessible to more people than the offerings of established companies.
This last point will be the focus of this post, since disruptive innovation is a path for businesses to expand quickly and steadily. Not only will we explain what it is; we want to show you a few examples that you could personally get to know at the EIT Digital Conference this 2019.
Within the digital market, even though sustainable innovation does exist, the predominant form of competition is digital disruption. New and original digital business models are the main reason why established companies have disappeared; they failed to adapt on time. The increase of digital technology and innovations in every field has been a catalyst for companies with fresh ideas to expand and displace other, old-fashioned ones. Businesses starting now should include flexibility into their strategy to keep up with the trends, and established companies should be open to changes in order to stay competitive.
Digital Disruption Is the Way to the Future
There have been different interpretations of the meaning of disruption, but no matter which one you have heard before, rest assured, it’s not a negative concept. Digital disruption is not only about displacing older companies, it’s about innovating and reinventing your business to offer products that nobody else has. This way new technology will always improve for the better and will be accessible to everyone. It also means the company with the most imagination and the best ideas will be rewarded for their efforts.
Three Disruptive Innovation Examples You Should Look Into
We have listed below a few examples of digital technology companies in Europe that made room for themselves in an ever-changing market.
This Swedish company revolutionised the concept of smart cities and digital twin technology. They realised that a smart city was only as efficient as its operating system, so they created Yggio, an operating system for digital twins. In order to connect the physical world with the digital one, Sensative designed non-intrusive sensors that hardly require any maintenance by the consumers.
Online security is one of those areas that will need to grow with the development of technology. Cybertrap offers just that: they are a cybersecurity company based in Vienna that specialises in deception technology for both governments and private enterprises. Their technology is designed to prevent attacks and detect them in real-time, as well as being able to identify the attackers and their target.
Medicus is an example of AI technology used to fill a niche that complete the service of a more traditional business. Their interactive platform takes medical reports and health data, interprets them and translates them into advice and personalised explanations for the patient. They have offices in Vienna, Paris, Berlin, Beirut and Dubai, a real testament to their growth.
These are only some of the examples you will find at the EIT Digital Conference this September if you visit our Innovators' Village. Don’t miss out on a great opportunity to learn how to improve your business and sign up to receive more information!