The Undeniable Power of ‘Innovation Paradigm Shifts’ in Business

The Undeniable Power of ‘Innovation Paradigm Shifts’ in Business

Imagine using Kodak camera, Nokia phone and DVDs for movie. Sounds too odd, right? These elements seem a disaster today. But, it worked for decades why not now? Nowadays cutting edge technologies integrate in the business environment, evolving business strategies as well. From block chain technology to the use of robotics and artificial intelligence, either keeping up or staying ahead with the increase tech competition has become a challenge for companies. Today, company revolves around to develop new business models so that they can accommodate disruptive technologies.

To gain a better understanding let’s consider the example of Netflix. It started as a mailing DVD business and currently holding global steaming business? How did they make a long way in the technological disruptive world? Did it go through transformational change? The success may seem straightforward but even inevitable. The paradigm this business adopted to succeed disruptive innovation were; Think big, start small, fail quickly and scale fast. The Founder, Hastings pursued big idea of streaming video even though he had a threat to lose his successful mail-based DVD business. Late he started with small projects, where companies supported his big ideas. When his early effort to stream video seemed iffy, he stopped playing bad hands to work for next.