Disruptive Business Models. Simon Alterman

Disruption is all around us. Once a word used to describe a form of bad behaviour, now it’s a badge of honour.
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In open markets, competition happens all the time. Incumbent players go up and down and, sometimes, back up again. New competitors can and do take marketshare, too. Crucially, this form of competition involves companies trying to satisfy roughly the same customer needs, with roughly the same solutions, using roughly the same business model, and measuring the value they bring in roughly the same way.
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When markets are disrupted, new entrants are satisfying the same needs as incumbents, directly or indirectly, in very different ways. They may begin, as Clayton Christensen famously described, by offering customers regarded as unattractive by the market leaders new and untried technology, which is, initially at least, inferior to established solutions. The technology gradually improves and evolves to the point where it begins to be adopted by the mainstream market and eventually triumphs.