What is the term for solutions that are less expensive or simpler than existing options, capable of overtaking established competitors?

The term that refers to solutions which are less expensive or simpler than existing options, and have the potential to overtake established competitors, is disruptive innovation. This concept, popularized by Clayton Christensen, highlights how smaller companies with fewer resources can successfully challenge established businesses by targeting overlooked segments of the market with more accessible products or services.

Disruptive innovation typically begins with offerings that appeal to a lower-end market, which established companies may ignore, subsequently improving over time to attract a broader customer base. This innovation challenges the status quo by providing a new approach that can reshape the industry landscape.

In contrast, blue ocean strategy focuses on creating new market spaces rather than competing in existing ones, which does not align directly with the concept of providing simpler or cheaper solutions to outpace established competitors. The innovation pipeline refers to the process of managing ideas for new products or improvements within a company but does not specifically describe the competitive dynamic at play. An accelerator, meanwhile, pertains to programs aimed at accelerating the growth of startups, rather than defining a type of competitive innovation.