Clip
Building a Rocket Ship on the Back of a Rocket Ship
46:19 - 48:42 (02:22)
The growth of businesses on platforms such as Google AdWords can be good initially, but it is important to build a strong brand and escape from them quickly to ensure survival in the long run. Examples such as Amazon, Movement Watches, Blue Apron, and Plated are given as successful companies who built a brand on top of the platform they grew on.
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Many publishers, such as BuzzFeed and Vox, are building custom CMS and trying to sell it, but it's often a distraction from their main business and a risky move, as they may not have enough resources to support it.
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Summary
Many publishers, such as BuzzFeed and Vox, are building custom CMS and trying to sell it, but it's often a distraction from their main business and a risky move, as they may not have enough resources to support it. Comparing to Amazon's early launch of AWS with 5,000 total employees, small publishers with eight people working for them wouldn't have the capacity to handle it.
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Summary
The last 12 to 18 months saw more market distortion than any time since post-World War Two, which can lead to ignoring valuable lessons and moving out on the risk curve. Founders and their teams need to be aware of these distortions and learn from experienced individuals to avoid negative signals.
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With the average company on the Fortune 500 lasting only 15 years, instead of 67, acknowledging the possibility of shifts and staying adaptable is crucial to keep up with competitors and avoid losing the company's lead.
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Summary
With the average company on the Fortune 500 lasting only 15 years, instead of 67, acknowledging the possibility of shifts and staying adaptable is crucial to keep up with competitors and avoid losing the company's lead. The implementation of voice computing is just one example of a potential shift the business world may encounter in the near future.
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The idea of competition between different firms providing a product is foundational to political science and allows for the customers to decide which firm they prefer.
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Summary
The success of a business often depends on having effective marketing strategies built into its ideation phase. It is challenging to get millions of people to buy a product without proper marketing efforts.