One of the most common mistakes companies make when looking at new, or exponentially improving technologies is to focus on the tech aspect of them. The real disruption tech brings to the world is on the business model side of things.
We often become mesmerized by the opportunities a new technology affords us – which is all good and well and necessary particularly in the early days of a technology (blockchain is a good example today). However, the real economic opportunity and market disruption happen when entrepreneurs turn their attention toward the shift in business models a new technology offers up.
Uber and Lyft leveraged abundantly available GPS technology and web services to change the taxi industries’ business model. Netflix created the streaming movie business model on technology which was previously used mostly only for short video but became readily available quickly (as did Spotify in the music industry).
One of the most rewarding opportunity generating activities is scanning an industries business models and figure out which of those will change (and how you can be the harbinger of those changes).