Disruptive innovation Social Sciences Essay Research (Essay Sample)

Disruptive Innovation
Name:
Institution:
Date:
Disruptive Innovation
Summary
Disruptive innovation is an influential prospect in business, thus rarely questioned and widely accepted across the world. A majority of the big and well-established companies appreciate innovation since it grows their businesses. The developed firms have to master ideation, incubation, and scaling; to succeed during the disruptive changes. Ideation means creating new ideas for the company. Incubation entails testing those plans in market sectors while scaling involves the reallocation of the abilities and assets that are needed to expand the business.
Ideation
In most situations; companies prefer sustaining profit performance and revenue, hence consider improving the ongoing business compared to starting a new one. Industries use various techniques to generate ideas; which includes open innovation, Corporate Venture Capital (CVC), design thinking, and employee involvement (Binns and O'Reilly, 2019). In open innovation, the company looks for ideas externally by, for example, inviting clients to share their thoughts for new services and products. Large companies invest in small and potential firms in corporate venture capital. Design thinking involves creating possible solutions or prototypes to customer's real problems. There can also be involvement of employees since they share their ideas through platforms such as internal contests and online suggestion approaches.