Remember Love Your Trades?
We announced the launch of Melissa’s blog the Monday before last, and here we are with post number 2! This week, Mel discusses the conventional definition of a monopoly and the pros and cons a monopoly can instigate.
Tradeoff: Monopolies drive innovation vs. create a wasteful, price-gauging environment?
“Pre-class, my thoughts on monopolies could be summed up as “bad”. I felt monopolies arose from situations where one business within an industry had few to no competitors, therefore allowing that individual company to unconditionally raise prices for their products or services. Having to pay uncontrollably high prices is not something I consider ‘good’ as a consumer.
However, in studying lean startup principles (which are designed to help build scalable businesses), I was surprised by the shocking, over-emphasis on positioning your startup so that you either have no competitors or that your product is 10x better than any competitor’s offering – effectively eliminating that competition. That wow factor is necessary to capture an investors attention, in hopes of bringing big, new ideas into existence.” Continue reading…
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