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1-Page Summary of Goliath’s Revenge

Digital disruption works both ways: Many large, traditional firms have gotten smart – and fight back.

Some people think that new companies are able to come in and change the industry because they’re using social media. However, giants can fight back with strategies of their own. For example, General Motors nearly went bankrupt but has since modernized itself by creating electric cars. It’s also participating in ride-sharing trends and making large investments into driverless car technology.

Digital disruption can feel so urgent and fast-moving that it paralyzes some leaders.

Companies that have been disrupted by new technologies often take time to respond. Amazon has disrupted the traditional book industry, but it started in the mid-1990s. It’s important not to wait until you’re being overtaken by your competition before you begin a transformation strategy. Disrupters aim for 10x improvements over their competitors’ offerings, so start planning now and think big about what can be done with new technology and data analysis available today.

Companies should encourage innovation. They should leverage the advantages they have over start-ups, such as things that most customers agree make them compelling or things they can control in a year or less. Start-ups spend time raising capital and acquiring industry knowledge, but incumbents don’t need to do this because it’s something their competitors can easily acquire. Incumbents should take advantage of their brand to enter new lines of business quickly and use customer data for insights into how to improve existing products. Disrupters must acquire each new customer from scratch, so incumbents can block or stall disruption with patents and industry standards/regulations.

Being average is no longer an option. Winners take most of the pie.

After digitization, the market no longer follows a normal distribution of ideas. Instead, the left side of the curve grows faster than any other part. Disruptive innovations slide to the left and disrupt laggards who are stuck on average ideas. Savvy people embrace change and get ahead of it in order to reap rewards for being on top of the curve instead of being disrupted by innovation or falling into mediocrity.

By looking forward, you can stay ahead of the competition. Tesla has done this by reinventing the automobile market through its proposition that cars will get better over time. By offering regular, free upgrades to safety and performance features, Tesla is changing the game.

In the past, it was common for companies to wait and see what competitors were doing before adopting new technology. For example, if a company saw another firm investing in robo-advisers, they would wait until those firms proved that the innovation worked before jumping on board themselves. However, today’s market is so fast moving that waiting just isn’t an option anymore. If you are not quick enough to adopt a new technology or idea when it first comes out, your competitors will beat you to it and take all of your business away from you. This happened with Vanguard and Schwab who watched other companies invest in robo-advisers but didn’t do anything about their own investment in this area until it was too late (and now these two financial services giants have lost much of their market share). Therefore, one must be very nimble and adaptable if they want to succeed in today’s marketplace; otherwise they will lose everything.