Innovations and Technologies Causing Market Disruptions
The purpose of this assignment is to identify and research a potential problem that technology could help to solve. The ultimate goal is to imagine where technology will be in 18-36 months and how it will solve problems. Technology is constantly growing exponentially. As entrepreneurs, you have opportunities to use this technology to solve grand problems within the world that would better the human condition.
Part 1
Identify at least three innovations that are currently disrupting an existing market. Write a 250-word summary (750 words total) describing each innovation, how it is changing the market, and the benefit it will provide. Include the following items:
Describe the innovation and how it is disrupting the market.
Explain what benefit the innovation provides.
Describe what barriers limit the adoption of this new technology.
Explain how many people are affected by the problem.
Part 2
Write about three future potential disruptions. Identify at least three new technologies, such as artificial intelligence (AI), robotics, social media aggregation, self-driving cars, or improved battery technology, that could disrupt a market in the future and improve the human condition. Examples of how a technology change could impact existing markets include:
Significant reduction in cost.
New way of delivering a product or service.
Improved service.
Product performance improvements.
Write three descriptions, one for each of the new technologies. Each of the three descriptions should be 250 words (750 words total) addressing the following three items:
Describe the innovation.
Describe the market and explain how it is changing.
Explain how the innovation will disrupt the market.
Explain the benefit it will be providing to customers.
General Requirements
During the construction of this assignment, consider the personas of the specific population. Contemplate demographics, such as marriage status, age, socioeconomic status, etc.
Market Disruptions and New Technologies
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Part A
Three innovations currently disrupting an existing market
Smartphone
Smartphone users worldwide have increased to approximately six billion people in 2022 (Turner, 2021). Smartphones have completely changed the dynamics and operations of society. They brought individuals closer to their friends and families by facilitating effective communication. The three main disruptive factors of smartphones are GPS, social media, and quick internet access (Frazier, 2020). Social media provides a platform for cyberbullying that negatively affects the targeted pollution. The internet has changed the world’s operation by transferring every activity online and providing access to every person. Smartphones disrupted laptops through their app business paradigm as the main internet access method. Smartphones have various benefits in the market, such as exploring the internet, effective communication, and providing multiple applications in one platform (Jung, 2019). Smartphones offer different communication channels such as calls, messages, video conferencing, and sharing photos.
The adoption of smartphones in the market is hindered by multiple factors such as limited storage, low network connection, and inadequate knowledge of smartphone operations—the demand for smartphones increases due to their reduced prices and availability of second-hand smartphones in the market. However, second-hand smartphones are likely damaged and contain faulty hardware. Also, they include outdated operating systems, limited storage capacity, and lower resolution compared to modern models. Many low-income smartphone users are always offline due to the high cost of data packages. As a result, they are unable to access the internet as expected. The more significant percentage of people affected by barriers limiting the adoption of smartphones in the market are people from developing countries (Meka, 2018). Using a smartphone requires an internet connection and adequate knowledge of the smartphone. Many people in developing nations cannot afford data packages and have a limited understanding of digital platforms and how to navigate the internet.
Retail Medical Clinics
A disruption in the healthcare sector refers to a product or service that makes healthcare more accessible, affordable, and effective. Retail clinics are disruptive to massive medical centers due to their accessibility, affordability, and effectiveness to a specific group of patients. Large medical centers handle each kind of infection ranging from sinus disease to open-heart surgery and hire multiple specialists to handle a variety of injuries and illnesses—generally, the more complicated the patients’ injuries and infections, the more expensive treatment costs. The medical clinics are disruptive business models that reorganize the hospital sector and traditional doctor’s offices. Patients can visit clinics and receive treatments for common infections like allergies and sinus diseases or daily immunizations and blood tests. The clinics are located in convenient areas and have suitable working works that facilitate patients’ easy walk-in appointments.
The rising controversies on retail clinics have hindered their adoption in the market. Multiple provider groups like the American Medical Association have highlighted the service quality problems such as over-prescribing antibiotics, disrupting patient-doctor relationships, and losing opportunities for preventive (RAND, 2016). Big hospitals and multiple doctors have primarily been affected by retail clinic invention. The retail clinic model is more customized, unique, and unpredictable. As a result, expertise and hospital administrations find it challenging to compete in the market. Also, the clinics follow a standard protocol to diagnose and treat minor and ever-increasing infections. Reducing the cost of expensive treatments and providing accessible, convenient, and effective services delivery have made retail clinics disrupt multiple longstanding healthcare centers.
Video Streaming
Video streaming in various stages, such as Hulu and HBO, look like a regular advancement over cable and blockbuster, but the disruption is radical. Video streaming in the entertainment industry came as a surprise due to its quick implementation and limited costs for individuals to watch movies and shows. The innovation disrupted the cable industry and drove video rental stores. It has various benefits, such as reaching the targeted niche. Live streams demand commitment from followers as they are required to avail themselves at a specific time regardless of whether it is appropriate. Also, live streaming is cheap. Video streaming does not require special tools, software, or hardware. It only requires a smartphone or a laptop to access your followers through an active account.
Barriers limiting the adoption of video streaming include metadata and search problems, device capability issues, and bandwidth limitations. Most cataloging videos experience human errors that result in miscategorized data. As a result, the information settles in the archives for an extended period affecting the search for specific content. Also, providers face multiple challenges while ensuring video compatibilities in video streaming, which are barriers to adopting the innovation. Video streaming adoption also faces challenges due to bandwidth crush experienced in networks for high-resolution content (Stanimirovic, 2020). The video streaming innovation affected the entire film industry since people shifted to streaming platforms with a large audience and offered adequate time to discover content.
Part B
Three Potential Future Disruptions
3D Printing
3D printing improves the traditional printing method and can alter how consumers obtain required products. Conventional 3D printers have limited features, although they have experienced continuous improvement. In modern days, 3D printers produce complicated products such as prosthetic products and spatulas. The future involving the application of 3...