Because contrary to popular belief, it's not politicians who create jobs, but entrepreneurs. A business is an evolutionary ecosystem, old companies die, and new companies replace them.
What indeed 😄😄😄
I’ll go further … even if the innovation was INVENTED by a monopolist mega company, they still will not be properly organized to take advantage of the innovation in the market and it will instead be a new entrant that will use that innovation to crush them.
https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
You should read the Bible of Innovation: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
Narrow-minded people, either expert or otherwise; won't be able to innovate even if their life depended on it.
Wide-minded people are able to step away here and there, think outside the box, and unpack what's going on so that they can see what's obvious but unseen.
Read this book https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244 or -better - take an online course on "Innovation" at one of the online universities that teach the class based on the book.
Beware: it's not an easy book to understand.
> From a business perspective, how is that not an existential risk for those fintech entrepreneurs?
A couple of comments:
> I'm sure big banks have enough money and resources to create killer apps and destroy the competition coming from fintech startups.
Unfortunately that never happens. Netflix ate BlockBuster's lunch, same for Amazon/B&N, Google/Yahoo, etc....
> I would not feel comfortable entering a market if I did not have an edge that is hard for the incumbents to replicate.
You need to understand capital markets, especially private equity markets. It's a long story.
If you want to understand why startups kill large incumbents, read this: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244 or - better - take an online class based on this book.
So you know the space and have domain expertise.
If this company is big, it means:
Great read for you: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
In a way, that's what business is all about.
This book is the bible of innovations, Harvard Business School uses it in its course(s) on Business Innovations, and so do the top B-Schools. Alas I must warn you, it's a bit heavy. You could even take a class based on it on one of the Open Courseware online.
Alternatively, or in conjunction with it, you could watch some of Clayton Christensen''s videos on YouTube.
Innovation is anything but easy.
In a nutshell, I create value and I exchange it for currency.
I create value thanks to my unique domain(s) expertise.
Yes, it is that simple, yet not easy. So this is the blueprints for you:
A good read: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
There's also an alternative way to get rich quickly, I have a $99 ebook for you, DM me.
Either.
Innovation is fueling Silicon Valley and commerce at large, in a way that's where the next big brands are born.
If a business doesn't innovate, then they're just a copycat of someone else, which is OK, often time they are part of the distribution system of larger brands.
Now, most people have a distorted concept of what Innovation is, I strongly suggest you read the Bible of Innovation, this book: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
> Then, does a great idea really matter?
"Ideas are worth nothing." - Paul Graham
A few comments:
Read this: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
> I can’t figure out why a high valued company with a negative free cash flow is thriving a lot better than the others.
It has to do with Disruption and Innovation. This book will give you 1/2 of the answer, the business half; the other half is how the finance world and Wall Street valued these companies.
Yes, the shortsighted quest to maximize short term profits now threatens the long term viability of the company.
See also: The Innovator's delimma.
> The technology is changing rapidly these days and I wonder what is the right subreddit to learn more on internet business?
I think that is the wrong question: the next Amazon, Uber, Netflix won't be started by someone who found the "right" Reddit sub.
I suggest you do this: https://www.startupschool.org/
And also read this: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
Good luck.
> Do clothing start-ups get funding?
Yes.
> How would one differentiate themselves enough to get funding?
The usual way, money (funding) is like manure (natural fertilizer). So plant a seed, get an audience, develop a brand; once you have "some" traction you'll get the $$ to fuel growth.
This is a good read: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
Ans so is this: https://www.amazon.com/Four-Steps-Epiphany-Steve-Blank/dp/0989200507
> I understand unique designs but there's a relative limit to uniqueness in this sphere today isn't there?
Google this quote "Everything that can be invented has been invented." but before you do that, try to guess when it was said, and by who.
> what funding for clothing start-ups would look like!
Same as any other non-tech/non-LifeScience startup, anywhere from your own credit card to some VCs (not many).
The ones that are good in 2022 will be good in 2023 and they were good since 2004. Here's my list off the top of my head:
Not books but great reads:
It's not wrong.
Facebook innovated in MySpace. MySpace innovated on AOL.
Read this book: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
Chances are that there are at least half a dozen companies already competing with this company, and they are not the oldest of the bunch either.
So, make all the improvements you see fit, and go for it.
This is an interesting article https://sive.rs/multiply
There's e-commerce and there's e-commerce.
In your post when you use the e-commerce word you mean reselling online products made by third parties. In that care indeed every market niche is overly saturated. Of course there are hundreds of people who want to sell you a $3,000 course telling you that you can make millions (you need to ask why they don't make millions for themselves instead of "settling" for your money. LOL).
Back to e-commerce, meaning the transaction of business that is done online, as opposed to offline/IRL; and that is a very viable and growing platform technology. The key is to be innovative or build a brand, possibly both.
If you want to learn more about Innovation, this is the bible https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244
As far as branding, there are so many resources, these are a few:
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Read this book: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244 it's the Bible of Innovation.
> technologies or major trends that are insignificant right now will emerge and be something big in the future(Future I mean 3-6 years).
None that fits your stringent criteria.
If you're interested these are good books for you:
Leave this book on a few desks:
The Innovator's Dilemma, then, The Founder's Dilemmas.
At the accelerator I work at, our recommended reading for all our accepted startups includes Venture Deals and The Fundraising Rules. Given your legal background, I'm sure you will appreciate both.
TL;DR: Innovate
Le long answer: https://www.amazon.com/Innovators-Dilemma-Revolutionary-Change-Business/dp/0062060244