Entrepreneurial Strategies for Managing Disruptive Innovations
DOI:
https://doi.org/10.56830/IJAMS04202303Keywords:
Entrepreneurial Strategies, Disruptive Innovation, Marketplace, SocietyAbstract
Contemporary studies on disruptive innovations have identified entrepreneurship as veritable driver of the disruptive phenomenon. Disruptive innovation describes a new product or service that is so innovative that it disrupts the existing market and forces businesses in that market to devise new strategies for managing their business to avoid suffering huge losses and possibly going out of business. This paper integrates recent developments from entrepreneurship and innovation research streams to better understand the conditions and causal mechanisms that influence disruptive innovations. The rise and fall of firms especially in high technology industries under the dynamic effect of disruptive innovations have been a theme of inquiry that has fascinated many scholars in economics, technology and change management disciplines. This conceptual paper carried out a diagnostic review of disruptive innovations and found that disruption of existing market creates new phenomenon that ultimately delivers new value to consumers and the society. The study therefore recommended that organizations operating in today’s digital dispensation should not fear disruptive innovations but rather embrace them and devise strategies for managing the disruptions to enhance their business bottom-line.
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