BUSINESS
Almost every start-up, every CEO and every investor wants to be a disruptor
Disruption is among the most used words in the world currently. Perhaps the most misused too. Deployed to describe everything from technological changes to social upheaval, the word disruption has been best adopted by entrepreneurs.
There was a time when everyone wanted to be a creator - of wealth, value and even wellbeing. The foundations of global conglomerates in industries like automobile, construction, energy and services were seeped in ideas of creation. Political, social and business leaders wanted to create.
Now they want to disrupt. There is a bigger money on disruption today than on creation. Almost every start-up, every CEO and every investor wants to be a disruptor.
It appears that destruction will generate more riches and returns than creation. Anyone with an idea to upset an existing idea, is hailed. Anyone who clings to a successful model, is considered old fashioned. Such is the wonderful world around us.
A thoughtful effort to understand disruption was seen at the 47th edition of the annual St Gallen Symposium. Run entirely by graduate students of the St Gallen University in Switzerland, the Symposium brings together business, political and social leaders from all regions of the world. This year, the key issue was to explore the dilemma of disruption.
While disruption of many business models have improved the lives of people, there are many related issues that trouble societies. Financial technologies have allowed unimaginable ease in retail transactions. But the automation in banking services have left consumers stranded with talking bots. Like many changes, technology is creating excitement and exasperation. Such changes are not new, but its pace is breathtaking.
In some ways, we live so much in the future, eagerly accepting new developments that we have begun to revel in swift obsolescence. We abandon new concepts as swiftly as we embrace them.
At the Symposium, a clear divide was visible between the East and the West. Or the North and South, depending on where one stands. For the leaders in the developed world, an example of disruption is self-driving cars. But for many people in the developing world, an affordable and efficient mass transportation system would be disruptive. For the US and Europe, robotic surgery would be disruptive. For India and China, diagnosis of eye diseases using mobiles would transform a million lives.
At an occasion, I met many innovators from across the world. What struck me was how the successful innovators were focused on solving real life problems rooted in the local context. Some technologies like gene editing will have global impact, but most efforts will have to apply to ground realities that vary across regions.
This definition of disruption is important because investment in new ideas can't be seen only from the Western perspective. Thankfully, the world of (disruptive) entrepreneurship is as lively in the east as in the west. Some still believe that the epicenter of technology-led innovation is the Silicon Valley. The big five digital giants – Google, Amazon, Apple, Facebook and Microsoft – were born there. This may have been the recent past, but may not be the near future.
Innovation and disruption is taking place in nearly every region of the world. Africa, Latin America, China and India boast of their own efforts of change that don't have much to do with Silicon Valley. The fact is that while Silicon Valley will remain a force for a while, many new centres of technology-led disruption are emerging swiftly. The disruption and business solutions that they create, may not amount to much from the developed world perspective. But for the regions that they live in, they are making transformative changes. M-Pesa in Africa, robots in China and digital commerce in India are allowing people to move from tech illiteracy to being tech savvy within months.
In these developing regions, disruption is creation, not destruction. Estimates suggest that more than $14 billion has been invested in Indian start-ups in the last two years. These start-ups are entering undeserved sectors, or creating services that didn't exist before.
In these regions, there is lesser of a dilemma of disruption than in the West.
Delhi: All primary schools closed, classes shifted to online mode due to rising pollution levels
BIG trouble for Anil Ambani, criminal charges against his Rs 14422 crore company over...
Bhool Bhulaiyaa 3 producer calls Singham Again team 'unfair' after the box office win
From Play to Pay, Gaming Is Big Business And A Genuine Professional Prospect
Leasehold vs Freehold: Exploring Options for Expats and Investors in Dubai
Mukesh Ambani's Reliance, Disney complete Rs 70352 crore media merger, to be headed by...
Badshah lands in legal trouble, case registered against rapper for...
GRAP III imposed in Delhi: What is allowed, what is banned amid 'severe' air quality
'Throwing me in deep end': Ricky Ponting takes fresh dig at Gautam Gambhir over Virat Kohli remarks
Revolutionizing Inventory Management in the Cloud Era: Pradeep Kumar’s Strategic Innovations
Delhi: AAP's Mahesh Khichi elected mayor as party defeats BJP in MCD polls
Delhi Air Pollution: GRAP 3 to be imposed in national capital from Nov 15, strict ban on...
WATCH: Inside Rinku Singh's Rs 3.5 crore luxurious house with rooftop bar, private pool
Renowned Yoga Guru Sharath Jois passes away at 53 after suffering heart attack
NASA alert! Giant 'God Of Chaos' asteroid set for close approach to Earth, may trigger astroquakes
UPPSC protest BIG update: RO-ARO exam postponed, PCS prelims to be held in one day
This man earned more money than Mukesh Ambani and world's richest man Elon Musk in one day, he is...
'World's best....': Japan vlogger's reaction to Bengaluru airport goes viral
Sania Mirza named Sports Ambassador of THIS city, not Delhi, Hyderabad, Jaipur
Shloka Mehta turns heads in sleek white gown at Tira store launch, see pics
Amid Abhishek Bachchan and Aishwarya Rai divorce rumours, Jaya Bachchan surprises everyone with...
IND vs SA: Arshdeep Singh goes past Bhuvneshwar Kumar to become Indian pacer with most....
Mukesh Ambani, Isha Ambani’s luxury retail chain opens new store at...
PM Modi to receive Dominica’s highest national award for...
Shraddha Kapoor says people with big foreheads are…
'Busy making...': Kanhaiya Kumar sparks row with remarks on Devendra Fadnavis' wife; BJP hits back
'Full baarati vibes': Vietnamese man's epic 'nagin dance' steals show at Mumbai event
Tilak Varma credits THIS player for his century against South Africa, says 'He gave me...'
UPSC IFS Mains Admit Card 2024 to be released today at upsc.gov.in, check direct link to download
'Be prepared for...': Rupali Ganguly's stepdaughter Esha Verma REACTS to Rs 50 crore defamation case
Saudi, Iran: Cautious dance toward détente?
Anushka Sharma shares glimpse of Children’s Day special dish for daughter Vamika, son Akaay
Jaw-dropping! Man wraps massive green anaconda around his shoulders, internet says...
Donald Trump plans to end Russia-Ukraine war with THIS move, is expected to 'soon' appoint...
As pollution worsens in Delhi with AQI at 'severe' level, experts at COP29 urge India to...
SDM Assault Case: 60 people arrested in Rajasthan's Tonk
Veg thali cost more than non-veg thali in October, here's why
Land drug trafficking patterns in North-Eastern Region
Shillong Teer Result November 14, 2024: Know updates on lucky winning numbers
Mukesh Ambani's SUPERHIT offer for Jio users: Get unlimited validity for 84 days at just Rs...
Delhi air quality dips to 'severe' category as AQI nears dangerous...
Bigg Boss OTT-fame Bhojpuri actress Akshara Singh receives extortion threat
‘All I do is…’: After Arjun Kapoor confirms breakup with Malaika Arora, her cryptic video goes viral