TL;DR – Change is inevitable, but growth is optional. Follow Terry Jones, entrepreneur and founder of Travelocity and Kayak, spoke about disruption and innovation at Malaysian Global Innovation & Creativity Centre: MaGIC on 10 November 2017.
“My innovation is YOUR disruption. It is only disruption because YOU didn’t do it!” Terry Jones, entrepreneur and founder of Travelocity and Kayak, spoke about disruption and innovation at Malaysian Global Innovation & Creativity Centre: MaGIC on 10 November 2017.
Terry Jones, giving a talk about Disruptive technologies: the fuel for innovative business models
Leaders are worried if their companies could keep up with the fast-paced of change. As technology become more advanced day by day, businesses are being disrupted at an increasing pace and creating unprecedented dislocation. Identify what these are and leaders can turn disruption into innovation.
For illustration, a self-driving car was given as an example. Businesses such as healthcare won’t be needed as fewer road accidents will occur due to the automatic cars. Billboards won’t be much usable as drivers won’t look out of their windows anymore. All these industries can be disrupted by this one change.
He discussed about endless disruptive forces in today’s business world, including connectivity, big data, the Internet of Things and Systems of Insight. Although these have been disruptive to the traditional way of doing business, each has given businesses convenience for businesses to risk on new business models.
Terry noted about businesses that use other people’s asset such as Uber is the largest limousine company in the world, but own no cars. Facebook is the largest publisher, but owns no content. Alibaba is the largest retailer, but owns no inventory. By taking advantage of what’s around you or what he calls innovation, you can keep up with change.
He pointed out how the modern day business model is as simple as find client, take reservation, market and enforces standard, and bill and collect. Top it off with an awesome software and you’re all set.
Terry also said that the best ideas or innovation comes from the bottom of the organizational chart.
“Innovation that happens from the top down is orderly but dumb. Innovation that happens from the bottom up is chaotic and smart,” he said.