What is the significance of the term 'disruptive technology'? 🔊
The term disruptive technology refers to innovations that significantly alter or displace established industries or markets. These technologies create new paradigms that can challenge existing business models and lead to unforeseen changes in consumer behavior. Examples include the advent of the internet, which transformed communication and commerce, and mobile phones that reshaped how we access information. Disruptive technologies typically begin as low-cost alternatives, gaining traction and eventually pushing out conventional solutions. Recognizing and adapting to disruptive technologies is crucial for businesses to maintain relevance and competitive advantage.
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