Abstract:Disruptive innovation is a powerful tool for start-ups to build a foothold in the market and catch up from the backward, and new enterprises can realize disruptive innovation through constructing the value network. Enterprise capability has become a favorable perspective to explore the evolution of value network due to its functions of perception, capture, and reconstruction. Therefore theoretical deduction and then a case study are conducted from the perspective of enterprise capability, and whereafter the path of constructing the value network for enterprises to realize disruptive innovation is put forward. As a result, the activities of constructing the value network are framed at the enterprise level effectively, and the requirements of differentiated ability for enterprises are clarified in different stages of disruptive innovation. Several management implications are then proposed in the end, aiming at providing scientific decision-making reference for start-ups to surpass the incumbents through disruptive innovation.