Do you still use Yahoo? Do you still remember MySpace? Compaq? Kodak? The cases of startups with superior ideas dethroning well-established incumbents are legion. This is the beauty of “creative destruction” – the term coined by innovation prophet Joseph Schumpeter almost a century ago. Incumbents have to keep innovating, lest they be overtaken by a new, more creative competitor. Arguably, at least in sectors shaped by technical change, entrepreneurial innovation has kept markets competitive far better than antitrust legislation ever could. For decades, creative destruction ensured competitive markets and a constant stream of new innovation. But what if that is no longer the case?
Source: Are the Most Innovative Companies Just the Ones With the Most Data?