I continue to study the disruptive processes by which innovation transforms -- or fails to transform -- industries and companies. There are three elements to these transformations. The first is a technological enabler -- an innovation that makes complicated, expensive problems simpler. The second element is a business model innovation that can take this simple technological solution to the market, reaching new customers in an affordable way. The third element is the creation of a new value chain or business system -- wiithin which the participating companies have coherent economic models. We are presently applying these concepts to understand the future of health care, semiconductors, and public education.