Dr.Peter H. Diamandis is a Greek American engineer, physician, and entrepreneur best known for being the founder and chairman of the X PRIZE Foundation, the co-founder and chairman of Singularity University and the co-author of the New York Times bestseller Abundance: The Future Is Better Than You Think.
I often say that businesses must disrupt themselves (before someone else does) to survive.
The fact of the matter is: very few companies have actually successfully disrupted themselves.
Instead, most successful companies “disrupt adjacencies”: they leverage their existing assets to expand into new, high growth markets. They actually disrupt someone else!
Let’s start with a few disruption examples.
FACEBOOK Disrupts SMS MESSAGING: Facebook decided to disrupt SMS messaging with the launch of Messenger. Because Facebook is a platform, they have been able to garner 700M monthly active users globally – driving a projected 38% decline in Telco SMS revenue in North America by 2017.
TESLA Disrupts ENERGY STORAGE: Tesla, an electric car company, is disrupting energy storage with the Tesla Powerwall. They used the technology developed for their cars to branch into this new ($19 billion) market.
GOOGLE disrupts MOBILE PHONES: Google is an Internet search company, but in 2008, Google got into the phone/hardware business, shipping Android and beginning the disruption of mobile operating systems. Android currently commands an astounding 82.8% market share.