Originally published in Business Insider
By Kevin Maney
The ability of companies like Facebook, Salesforce, and Uber to suddenly establish and dominate a new part of the market may seem new, but an economist who died before many of them even got their start helps explain the sudden power of these firms.
Paul Geroski was born in the US but spent most of his adult life in the UK, first as a professor at several universities and then as chairman of the UK’s Competition Commission. Geroski died of cancer in 2006 at age 52, but his 2003 book The Evolution of New Markets should be studied by every entrepreneur who wants to develop and dominate a new market category.
His insights also show that despite calls to curb today’s domineering tech giants, we’ll likely always have domineering tech giants – but not always the same ones.
Read the full article at Business Insider
Kevin Maney is a Partner at Category Design Advisors.