In business theory, disruptive innovation is innovation that creates a new market and value network or enters at the bottom of an existing market and eventually displaces established market-leading firms, products, and alliances. The term, "disruptive innovation" was popularized by the American academic Clayton Christensen and his collaborators beginning in 1995, but the concept had been previously described in Richard N. Foster's book "Innovation: The Attacker's Advantage" and in the paper Strategic Responses to Technological Threats.
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
A core competency is a concept in management theory introduced by C. K. Prahalad and Gary Hamel. It can be defined as "a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace" and therefore are the foundation of companies' competitiveness.
Tata Consultancy Services Limited (TCS) is an Indian multinational information technology (IT) services and consulting company headquartered in Mumbai. It is a part of the Tata Group and operates in 150 locations across 46 countries. In July 2022, it was reported that TCS had over 600,000 employees worldwide. TCS is the second-largest Indian company by market capitalization and is among the most valuable IT service brands worldwide, and is the top Big Tech (India) company. As of June 2023, it was the world's second-largest user of U.S. H-1B visas.
Jeffrey Robert Immelt is an American business executive currently working as a venture partner at New Enterprise Associates. He previously served as the CEO of General Electric from 2001 to 2017, and the CEO of GE's Medical Systems division from 1997 to 2000. Immelt's tenure saw GE's largest divestments in the company's history, as the company sold almost two-thirds of its subsidiaries and assets.
The bottom of the pyramid, bottom of the wealth pyramid, bottom of the income pyramid or the base of the pyramid is the largest, but poorest socio-economic group. In global terms, this is the 2.7 billion people who live on less than $2.50 a day.
Product innovation is the creation and subsequent introduction of a goods or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.
Co-creation, in the context of a business, refers to a product or service design process in which input from consumers plays a central role from beginning to end. Less specifically, the term is also used for any way in which a business allows consumers to submit ideas, designs or content. This way, the firm will not run out of ideas regarding the design to be created and at the same time, it will further strengthen the business relationship between the firm and its customers. Another meaning is the creation of value by ordinary people, whether for a company or not.
Vijay Govindarajan, popularly known as VG, is the Coxe Distinguished Professor at Dartmouth College's Tuck School of Business and Marvin Bower Fellow, 2015–16 at Harvard Business School. He is a Faculty Partner in the Silicon Valley Incubator Mach49. He worked as General Electric's innovation consultant and professor in residence from 2008 to 2010. He is a New York Times and Wall Street Journal best-selling author and a two-time winner of the McKinsey Award for the best article published in Harvard Business Review. VG was inducted into the Thinkers 50 Hall of Fame in 2019 for his life-long work dedicated to the field of management, strategy, and innovation. VG received Thinkers 50 Distinguished Achievement Awards in two different categories: Breakthrough Idea Award in 2011 and Innovation Award in 2019.
Inclusive capitalism is a theoretical concept and policy movement that seeks to address the growing income and wealth inequality within Western capitalism following the financial crisis of 2007–2008.
Creating shared value (CSV) is a business concept first introduced in a 2006 Harvard Business Review article, Strategy & Society: The Link between Competitive Advantage and Corporate Social Responsibility. The concept was further expanded in the January 2011 follow-up piece entitled Creating Shared Value: Redefining Capitalism and the Role of the Corporation in Society. Written by Michael E. Porter, a leading authority on competitive strategy and head of the Institute for Strategy and Competitiveness at Harvard Business School, and Mark R. Kramer, of the Kennedy School at Harvard University and co-founder of FSG, the article provides insights and relevant examples of companies that have developed deep links between their business strategies and corporate social responsibility (CSR). Porter and Kramer define shared value as "the policies and practices that enhance the competitiveness of a company while simultaneously advancing social and economic conditions in the communities in which it operates", while a review published in 2021 defines the concept as "a strategic process through which corporations can turn social problems into business opportunities".
Athenahealth is a private American company that provides network-enabled services for healthcare and point-of-care mobile apps in the United States.
Nokia Life, earlier Ovi Life Tools and Nokia Life Tools, was an SMS based, subscription information service designed for the "Next Billion Users" in emerging markets, and offers a wide range of information services covering healthcare, agriculture, education and entertainment. The project began with Nokia's Emerging Market's Jawahar Kanjilal, wherein he worked with BCG to identify the services for consumers in emerging markets to expand Nokia's footprint and drive long-term loyalty. The team then carried on consumer research, insights generation, proposition development & concept definition for the "Next Billion Consumers". Post Board approval, Nokia teams led by Jawahar Kanjilal & Hemant Madan created a suite of services, branding, distribution, piloting, pricing & digital subscriptions business model for the Bottom of the Pyramid (BoP) consumers, because of the significant brand- and distribution presence that it already had in those markets at that time. In 2013 Nokia Life was eliminated due to Nokia's switch in focus and the arise of Internet-based information services in those markets. The service has been available in Pakistan, India, Indonesia, China, and Nigeria. Around 125 million people have experienced Nokia Life services in these five countries. Nokia Life was launched as Mera Nokia, in the state of Maharashtra in India in early 2009. After the successful pilot, a wider commercial deployment of the service under the name Nokia Life Tools began in India in June 2009. The service was later expanded to Indonesia in November 2009, China in May 2010, and Nigeria in November 2010. Nokia Life was able to use the existing distribution network of Nokia by pre-installing it on Nokia devices. The first two supported devices were the Nokia 2323 Classic and Nokia 2330 Classic devices.
Navi Radjou is an Indian born scholar and an innovation and leadership advisor based in Silicon Valley. He is a Fellow of Judge Business School at the University of Cambridge and has spoken and written widely on the theme of frugal innovation.
The MYRA School of Business is a business school established in 2012 in Mysore under the aegis of the Mysore Royal Academy (MYRA). The school and its campus was inaugurated on November 4, 2012.
Tata Consumer Products is an Indian fast-moving consumer goods company and a part of the Tata Group. Its registered office is located in Kolkata while its corporate headquarters is in Mumbai. It is the world's second-largest manufacturer and distributor of tea and a major producer of coffee.
The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail, first published in 1997, is the best-known work of the Harvard professor and businessman Clayton Christensen. It expands on the concept of disruptive technologies, a term he coined in a 1995 article "Disruptive Technologies: Catching the Wave". It describes how large incumbent companies lose market share by listening to their customers and providing what appears to be the highest-value products, but new companies that serve low-value customers with poorly developed technology can improve that technology incrementally until it is good enough to quickly take market share from established business. Christensen recommends that large companies maintain small, nimble divisions that attempt to replicate this phenomenon internally to avoid being blindsided and overtaken by startup competitors.
Frugal innovation or frugal engineering is the process of reducing the complexity and cost of a good and its production. Usually this refers to removing nonessential features from a durable good, such as a car or telephone, in order to sell it in developing countries. Designing products for such countries may also call for an increase in durability and, when selling the products, reliance on unconventional distribution channels. When trying to sell to so-called "overlooked consumers", firms hope volume will offset razor-thin profit margins. Globalization and rising incomes in developing countries may also drive frugal innovation. Such services and products need not be of inferior quality but must be provided cheaply. While frugal innovation has been associated with good-enough performance, in some sectors such as in healthcare, frugal innovation must offer maximum performance without compromising on quality.
An inclusive business model is a type of business model that seeks to create value for low-income communities by integrating them into a company's value chain on the demand side as clients and consumers, and/or on the supply side as producers, entrepreneurs or employees in a sustainable way.
Yves Doz is a French academic. He is a professor of strategic management at INSEAD, where he holds the Solvay Chaired Professorship of Technological Innovation, and is a Fellow of CEDEP. His research interests focus on innovation, the strategy and organization of multinational corporations, strategic alliances, and on how business organizations can develop the capability to adapt quickly to changes in competitive environments. More recently, he has been working with a number of national governments on strategic adaptability and agility. He is the author of numerous books and articles, which include the first comprehensive book on strategic alliances, co-authored with Gary Hamel, and the Multinational Mission, co-authored with CK Prahalad.
