Why has the level of business competition levels been turned up to 11? Or: Why is the lean customer development process important?

Great article from @trengriffin.

here are the good parts I have picked:

Once producers and customers are connected via digital networks and are sharing telemetry it is possible to use the lean start up processes to find product/market fit in ways that are more effective, faster and cheaper than ever before. Any business that does not have connected customers who are sharing telemetry and a modern agile customer development process is bringing a pickle to a gunfight where the competitors have machine guns

capitalist economy is an evolutionary system and the best metaphor for how it works is biology rather than physics.

When systems get connected via digital networks, feedback effects become stronger. When feedback effects get stronger, outcomes become more uncertain and nonlinear.

Capitalism without failure is like religion without hell, it doesn’t work.

Professor Aswath Damodaran points out: “We can no longer assume that competitive advantage will last a century as it used to for the old and mature companies. Instead competitive advantage for tech companies comes with a life span that continues to shorten. What this means is that you’ll climb faster as a business but fall faster too – Blackberry being a classic example.”

You are not employed by or invested in a tech business you say? Every business is now a tech business. There is no escape from Extremistan.

up to 11

Source: Why has the level of business competition levels been turned up to 11? Or: Why is the lean customer development process important?

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