I guess the first question is “what is a disruptor?” – (and no not that loud guy who butts into every conversation or the jerk who turns on music in the library) a disruptor in the business sense. To disrupt is to radically change an industry, business operating model or wholesale change the way people interact with an industry by introducing a new product or service that creates a new market. The disruptor is the person or company that leads the change or transformation of a product or service. Facebook radically changed the way people interact with one another. In the Bermudian context Easy Park disrupted the way that people pay for and monitor parking within the City of Hamilton.
Bermuda is currently faced with a challenge as it relates to the future viability of its economy. As technology and the speed of connectivity progress, large companies have the ability to seamlessly process transactions in lower cost jurisdictions. That is a fancy way of saying what one phrase sums up quite succinctly “outsourcing & redundancies”. Similarly, other jurisdictions like Ireland and Cayman are enacting policies that are providing stiff competition for Bermuda in the offshore business market.
Bermuda Tourism Authority has laid out the challenge for entrepreneurs to create new products that will increase “heads in beds” and will provide financing, marketing and analytical support to assist in developing new ventures. A challenge accepted by various entrepreneurs who have stepped up to the plate to revitalise our tourism product.
The question remains however, who are the disruptors? Who are the individuals and/or businesses that are creating new markets and streams of revenues for Bermuda? Where are the entrepreneurs who are breaking norms and developing truly innovative ways of approaching global business. Bermuda led the charge in the development of destination tourism, it also led the charge in the development of re-insurance/(off-shore business) which are now the 2 main pillars of our economy. What will we lead the charge in next, what industry will we disrupt to form the third pillar and fourth pillar of our economy?
Are you a disruptor? If so, then start disrupting!