Creative Destroyer [Archive.org URL]

“Creative destruction” is the term economist Joseph Schumpeter coined to de- scribe the way entrepreneurs create new wealth through innovation that destroys existing market structures used by incumbents to derive competitive advantage. Of course, technological change – like the advent of the Internet – can be the basis for creative destruction. And the term has been much in vogue in recent years as the New Economy picked up steam. But how widespread and deep is the creative destruction from a technological change such as the Internet? What types of industries are likely to be affected and how deep is the impact likely to be in each? Where should entrepreneurs seek opportunities? And how can incumbents exploit their existing positions?

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