Business Innovations We Didn’t See Coming: Ideas That Shocked the World

As they say, there is no progress without innovation. Ever since history was written, there are ideas which stood out against the others as the ones capable of changing/shaping entire industries and having redefined existing markets. Quite a few business innovations which have transformed the world have done so because they were ahead of their time and because they undoubtedly revolutionized the way one thinks and redefined what was otherwise impossible. By this, it is to be made clear that these innovations did not merely add new products or services but contributed towards the restructuring of businesses and formed new parameters for success.

If there is a single business innovation that can be described as world shaking, it is the development of the personal computer. In the early 70s through to the early 80s, computing had largely been the preserve of large companies and universities, and the image of a computer in every household appear to be an impossible dream. But forward-thinking entrepreneurs like Steve Jobs and Bill Gates of Apple and Microsoft respectively were determined to bring technology into people’s homes. They transformed personal computers from business tools into vehicles for creativity, learning, and fun.

The device many of us use daily emerged and changed the way information was accessed by people and the world of business forever. This started the democratization of technology for the masses and set the foundation for the coming digital age.

The introduction of the internet and the birth of e-commerce were unthinkable business ideas whereas the previous astoundments. Even though the internet was designed for use by academia and even the army, its commercialization in the 90s transformed how information is accessed. For instance, the launch of Amazon changed how people shopped forever. What started as an online bookshop grew into a global e-commerce giant which sells anything from electronics to food. Even Jeff Bezos, the founder of Amazon, imagined the internet as a tool for selling goods but never could have imagined the sheer impact it has had and continues to have on the global economy. Today, e-commerce is a multi-trillion dollar industry, and Amazon still is one of the most important players in the digital space. It is true that the idea of ordering items to be delivered to one’s home was revolutionary, but more revolutionary in the market was the marketplace itself, which allowed for rapid scaling, the disruption of new services and consumer expectations changed forever.

When Electric Vehicles (EVs) took the world by storm together with Tesla, it transformed the idea of transport altogether in a way no one had anticipated. Back when Tesla was established in 2003, it was thought that electric cars would only be of interest to the environmentally friendly audience and wouldn’t be a strong contender in the car industry. The effects of gasoline cars being the major source of mobility and the absence of availability of ample charging stations made the idea of electric vehicles competitive seem unrealistic. However, Tesla and Elon Musk proved that perception wrong. With the assistance provided by impressive battery technology, marvelous design, and an innovative strategy concerning sustainable energy, Tesla turned into an issuer in electric cars. The electricity firm not only enabled the car industry to move towards a future with electric cars but also transformed both the market and the energy sector by making the switch to renewed sources quicker. Elon Musk and Tesla had a clear understanding that there existed a market for EV cars and harnessing this latent demand would create substantial economic value. This was not easily understandable for others in the market and even fought or opposed a shift such as this.

The invention of social media was yet another shock business in the early 20th century as can be depicted from a sociological perspective. In the early 2000s, social networking was still restricted to a few websites that were dedicated to enabling the users to keep in touch with their friends and post some updates but this has dramatically changed with the introduction of Facebook, Instagram, Twitter and LinkedIn. From being just a means of getting in touch with their friends, this has transformed into a multi billion dollar business which has altered politics, culture and business as a whole. The beginning of Facebook by Mark Zuckerberg was just to add another social networking website but the ability of the company to expand and make profit by monetizing the platform through user data as advertisement turned the company into one of the fastest growing companies globally. There is no doubt that social media has profoundly influenced consumer behaviour, fueled trends and provided businesses effective promotional avenues. Social media’s rise has made businesses rethink how they want to serve their customer and has led to the development of new business formats with a focus on generating and sharing content with users.

The world of entertainment was rocked by the emergence of streaming platforms such as Netflix, which shattered the old paradigms of television and film production. Prior to the introduction of streaming, people depended on cable and rented and bought DVDs to watch movies and television shows. The concept pioneered by Netflix of renting DVDs to subscribers that developed into a streaming service that could rent movies and shows at will, all over the world and outside the USA. This was the first sign of the television networks’ end, the era of wanting content rather than looking for it. What’s more, if the service could provide a library of titles, it could also create programming of its own, which mainly explains the essence of the service. *House of Cards* and *Stranger Things* served as evidence which revealed that streaming companies weren’t any lesser than the conventional broadcasting networks hence the change in the politics of the entertainment world. At the moment, streaming services such as Netflix, Hulu, and Amazon Prime Video, among others, are determining how the future of entertainment will look like, and how content will be produced, distributed, and consumed.

The emergence of the sharing economy, embodied by the likes of Uber and Airbnb, has also stunned and restructured the industries of the world. Prior to Uber’s advent, it was almost unimaginable to call for a ride from a stranger using a mobile application. Nevertheless, Uber’s paradigm shift in its business strategies, turning to technology in linking drivers with passengers has completely upended the taxi business. Just as, homes in the United States embraced an unprecedented revolution through the technology called Airbnb, which enabled homeowners to rent their homes for travelers without resorting to standardized hotel chains. The concept of these two companies not only transformed their designated businesses but also gave birth to new models in which multitudes of people were able to capitalize on their properties and abilities. It is evident from the achievements of these organizations that technology can be harnessed in transforming sectors for the advantage of entrepreneurs as well as consumers.

Once again the traditional systems are under attack by the development of the telemedicine aspect to which the covid-19 pandemic has contributed immensely as the doctors began relying on virtual interactions with patients and vice versa. The doctors started to use telemedicine even before but there existed no sufficient cause for it to emerge. Today, virtual health care facilities encompass everything from primary care to mental health, allowing more people to seek medical assistance without boundaries based on distance. It is also advantageous for those who have busy schedules. The evolution of this industry has granted new kinds of opportunities to the doctors, healthcare providers, and the technology companies which previously did not exist because the industry as a whole was resistant to change and transform digitally since telemedicine was not mainstream. The surge in telemedicine has created opportunities to apply new ideas and concepts in the organization of healthcare that will be concerned with solving the problem of access to healthcare services and arguments on affordability of their cost.

There is a possibility that cryptocurrencies and blockchain technology have been the most interesting and disruptive advancements to emerge in recent times. In 2009, an anonymous individual or group named Satoshi Nakamoto is credited with developing the first cryptocurrency ever known, Bitcoin. The idea of having a decentralized digital currency free of governments and central banks was rather unrealistic. The astonishing growth of Bitcoin and other cryptocurrencies has shifted that perception and brought the belief that blockchain technology and digital currencies are now the new emergent driving forces of the global economy. New methods of exchanging and retaining value have been created with the introduction of cryptocurrencies, whilst exploring new avenues in blockchain technology allows for hushed and verification systems with full transparency. It still has a long way to go in terms of regulations and governance issues, however, the shift that cryptocurrencies and blockchain technologies have made in the world of finance, supply chains and ammunition relates voting systems is truly remarkable. We are not only witnessing the evolution in the way we conduct transactions but also the beginning of a new phase of decentralized technology.

In retrospect, it can be noted that the great business innovations are the ones that radicalize the status quo and revolutionize entire industries. We’re talking about the personal computer revolution, modern e-commerce and social media, electric cars that have changed the transportation industry, and the invasion of technology in healthcare, hospitality and a host of other sectors. All these inventions and ideas have fundamentally transformed the ways people live and work. The unifying factor of these inventions is their impact on the conventional thinking pertaining to business and technologies. The future is full of wonders, and so more surprises and innovations are likely to come up. I have no doubt that the new cycle of business will essentially produce ideas that will steer the world in a different direction.