Uber has been a polarizing entity since it broke onto the transportation scene nearly 5 years ago. Since its recent round of funding, and new $50 billion dollar valuation, it has solidified itself as the disruptor in the ride hailing industry. Uber has offered a unique, digital minded alternative to calling cab companies or standing on the curb until one notices you.
The definition of a “disruptor” is a company that shakes an established industry to its foundation, and that what Uber has done to the cab industry. By combining quickness, convenience and transparency for both driver and rider, Uber’s business model is hard to beat. Totally changing the business landscape for getting across town, or to the airport, Uber has leveraged the ideas of communal sharing and ratings to keep quality high.
Being a small company to begin with allowed Uber to hold a level of agility that met consumers needs faster than established businesses could change their course. Having infrastructure built and for a certain function can be difficult for a company to adjust when a disruptor of Uber’s stature comes into the picture.
How does an established firm increase their ability to innovate on the fly? Many experts point to placing more emphasis on method rather than having innovation be a long term goal. Dissect each functional process in order to be able to react quickly when market environments change.
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