In “The Fourth Industrial Revolution” Klaus Schwab, founder and president of the “World Economic Forum” wrote “We are discussing currently in Germany about the 4th Industrial Revolution ... to describe how (the) transformation will disrupt all the sectors of the world economy” [1]
For over 134 years, Chesterton has developed innovative products with disruptive technology, as for example, at the beginning of the 1980’s, the split mechanical seals.
The
R&D, IT and Marketing departments have observed clear activities in adjacent
industry a focus on monitoring and analyzing equipment. In recent times this activity
appears to be accelerating quickly. In particular, the pump industry is
adopting new technologies and transforming the traditional mechanical industry
into a much more integrated industry that offers greater functional benefits to
their customers.
In 2017, Chesterton decided to reorganize and
create a new “Innovation Department” concentrating on an innovative platform in
order to study, develop, and measure new opportunities in our field of
competence
Creative Destruction and Disruptive Innovation
For Josef Schumpeter Innovation is an essential driver in competitiveness and economy dynamics and to Illustrate the industrial mutation he uses the term of Creative Destruction
Today, new entrants such as Uber, Blabalcar or Airbnb create new business models and new market opportunities by Disruptive Innovation
For Clayton Christensen (1997), taking the
Schumpeter theory, developed a theory around two different kinds of Innovation:
the Incremental Innovation and the Disruptive (or Radical) Innovation. He
believed that each new market is the result of disruptive innovation which
answers the question: how does a company could keep its leadership when its
environment changes deeply?
The
role of innovations and their position in entrepreneurial activities has for
several decades been widely recognized as a means for economic development.
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| Cugnot car - 1725 |
Often innovation is just an idea or even the
return of an old idea. Often innovation is just an idea or even the return of an old
idea. If we take, for example, the invention of Cugnot in 1765 (one of the first car) we have to
admit that this car did not create at that time an innovation, just a curiosity. If
we take the example of the rise of vintage or retro products, they exemplify
the fact that an innovation is not always about new technology. However, the
best experts and economists consider that technology such as digital will be the
drivers of Innovation (Schwab). At the same time, Philippe Silberzahn in a Manager guide to
Disruptive Innovation, considers that other factors play an important role
in the disruptive environment such as economic, social and cultural factors.
“Disruptive innovation describes a process by
which a product or service takes root initially in simple applications at the
bottom of a market and then relentlessly moves up market, eventually displacing
established competitors” (www.claytonchristensen.com – key concepts).
If you want more information please contact Laurent Prunier-Duparge, email: laurent.prunier-duparge@chesterton.com.
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