A Quote by James Surowiecki
If you thought the advent of the Internet, the spread of cheap and efficient information technology, and the growing fragmentation of the consumer market were all going to help smaller companies thrive at the expense of the slow-moving giants of the Fortune 500, apparently you were wrong.
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When there were not very many Internet companies, the supply of Internet companies to the market was small and the appetite for them was large. Therefore, if you were in the business of creating Internet companies in 1996-98, you had a market that provided massive demand for that.
Tech stocks were the cubic zirconium of the market. They looked good and were sexy, but they just were a way for the company selling them to make money. That's always going to be transient in terms of the stock market. What's real is that companies have to compete. Technology used well is a great tool to enable that if only because most companies dont use technologies well.
The NBA's a Fortune 500 company. That's how you look at it. And all the other Fortune 500 companies out there in the world, you don't see their CEOs and COOs going to work with white tees and baggy clothes and stuff like that. So I have to take that same approach.
The NBAs a Fortune 500 company. Thats how you look at it. And all the other Fortune 500 companies out there in the world, you dont see their CEOs and COOs going to work with white tees and baggy clothes and stuff like that. So I have to take that same approach.
I would say the consumer Internet companies - in a lot of ways, if you go inside the consumer Internet companies and you see how they run, it's how all their businesses are going to run.
Last year, the journalist Malcolm Gladwell conducted a survey of chief executive officers of Fortune 500 companies for his book Blink. He discovered that while in the US population 14.5 per cent of all men are 6ft (1.83m) or taller, among CEOs of Fortune 500 companies the proportion is 58 per cent. And while 3.9 per cent of American adults are 6ft 2in or taller, almost a third of the CEOs were that tall.
For a while there, companies were pushing technology on people and people were buying it. Now the consumer is really in the driver's seat. Now it's more of an overall solution: How can technology make your life better? How can it save you time?
I grew up Presbyterian. Presbyterians thought the Methodists were wrong. Catholics thought all Protestants were wrong. The Jews thought the Christians were wrong. So, what I'm financing is humility. I want people to realize that you shouldn't think you know it all.
This was the tree, and it seemed to me standing there to resemble those men, the giants of your childhood, whom you encounter years later and find that they are not merely smaller in relation to your growth, but they are absolutely smaller, shrunken by age. In this double demotion the old giants have become pygmies while you were looking the other way.
Businesses which were slow to recognize the power of the Internet in the mid '90s were quickly left behind. For example, Blockbuster failed to innovate with streaming technology and filed for Chapter 11 bankruptcy in 2010.
We were the ultimate consumers of the thing, and we thought, "Every college kid is going to go berserk. High school kids - it will introduce them to music they didn't know about. This is going to be a phenomenon." Plus, it seemed like it was insider-y, yet it was available to everyone. I thought, "Cable companies are going to be snatching this up." You think about the dreck that is on so many cable companies, of course they're going to love this. And we were just crushed that nobody cared.
With the way Amazon and eBay had become big companies and with the way people were embracing technology, I was like, it is so obvious that this is going to be a huge game changer in this space. The combination of these things is going to change what it means to retail, what it means to launch brands, what it means to connect with your consumer.
The essence and the glory of the free market is that individual firms and businesses, competing on the market, provide an ever-changing orchestration of efficient and progressive goods and services: continually improving products and markets, advancing technology, cutting costs, and meeting changing consumer demands as swiftly and as efficiently as possible.
Xerox did OK in moving to digital in the commercial space. They didn't do well in the consumer market, but they're not a consumer brand. They don't even know how to spell consumer.
China has the best opportunities. A domestic market with 1.3bn people will help create more Fortune 500 retailers.
Outsourcing, information technology revolution, the access to India's human resources, India's pool of scientists. It will help American companies to become leaner, meaner, more efficient, and they become more competitive, both in the United States and in dealing with the rest of the world.
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