What does it take to change how people in an entire industry do business? If there were only one answer, people would replicate it endlessly. Instead, it takes a mix of timing, vision, pluck, and opportunity.
Not all of these conditions are within your control, but being a disruptor means doing everything possible to change the game itself and how it’s played. Let’s take a look at some successful disruptors to see what lessons they have to teach.
Real Estate Technology
Real estate visionaries like Regan McGee are changing how people sell and buy homes with real estate technology. Millennials and others buying their first property are already accustomed to using their phones to get information and make purchases, and real estate technology gives them additional power.
McGee, for one, created Nobul; a digital real estate marketplace that tilts the home buying process in the buyer’s favour by having agents compete for deal flow. On Nobul, all people need to do is list their budget and describe what features they want in a home. Then, agents will vie for their business, offering prospective homebuyers extras, like free cashback or additional services.
Buyers can get listings that seem curated sent right to their phone as soon as they hit the market. All the communication between buyers and agents happens within the app, meaning agents can’t send unsolicited messages or phone calls that might be a nuisance.
As McGee said to Toronto Life, “people think buying and selling real estate is complicated, but that’s a way for agents to justify their fees.” If you find a product that everybody needs and unlock key resources that buyers can’t resist, your disruption will likely succeed. Nobul has already initiated over 11,000 transactions and passed along more than $45 million in savings to customers.
Regan McGee noticed that young people embrace technology but tend to struggle to get into the housing market and found a way to make the former tendency solve the latter problem.
Transportation
Uber has disrupted the transportation industry to the point where the company’s name is practically synonymous with disruption. Many startups strive to be the “Uber” of their industry.
One problem Uber ran into in its early days is that, because its business model and technology were so new, they operated in jurisdictions that didn’t have laws on the books covering what they were doing. They were effectively operating within a legal grey zone.
In response, Uber hired very high-profile lobbyists with connections to the White House to help combat onerous government regulations and resistance from the taxi industry. The lesson here is that you may need to step outside the box to finagle a few things to ensure your vision doesn’t collide with the real world.
Disruption is seldom easy, and there are usually obstacles in the way. People become accustomed to the world as it has always been, and not everyone embraces change. Resistance can be fierce, so disrupters need to make people understand the value prop they’re offering and clear any potential hurdles in their way.