Innovation – Quote of the Week

Innovation – Quote of the Week

“If someone monopolizes the market for personal finance software, are you going to go after that company and dismantle it? I would contend no. Because these temporary monopolies are a prize for innovation. They’re the incentive for innovation.” – W. Brian Arthur, US economist.

Business owners that enter a market which is already dominated by one particular company will no doubt hear countless dire warnings about how pointless it is for them to even try to take on a monopoly.

But this overlooks the fact that the only thing which can break a monopoly (aside from government meddling) is some type of innovation from a competitor that knocks them off the perch.

If you feel that your product offering is innovative enough to do this, make sure you get out there and prove the naysayers wrong!

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