The Influence of Disruptive Innovations in A Cardinally Changing World Economy

Abstract

A disruptive innovation is an innovation that helps create a new market and value network, and eventually goes on to disrupt and existing market and value network, displaying and earlier technology. 3D printing and autonomous driving are examples of such disruptive innovations. 3D printing is the process of printing 3 dimensional objects from a digital technology. It can be used to print household items and even sophisticated productions like pharmaceutical drugs and guns. Autonomous driving is the use of a ‘driverless’ car in transportation. Autonomous driving has numerous advantages like easing traffic congestions, reducing accident and increasing speed of business transactions. The technology can also increase production output in Agricultural sector. These new technologies as they come in to full force in the next decades are able to upset the economic balance of the world. Business Corporation will be forced to develop new business model, and small firms will be able to compete with big companies. There will be changes in the demand for labour and upset in the balance of international trade is also expected.

Key words: Disruptive Innovations, 3D Printing, Autonomous driving, Technology, Company, Business.