I work in the Silicon Valley, where we have a long-established mantra of “faster, cheaper and better.” But now no matter where you work in the world, almost everyone can sense the fact that every aspect of global business now seems to move significantly faster than it did even 10 years ago. You could even label the 21st century as “the century when speed dominated.” This increased speed means that new products and product features come to market at an amazing rate, copying is almost immediate, everything you rely on seems to become quickly obsolete, and long-established businesses routinely lose out to faster moving startups.
In this environment, even notable fast-mover firms like Google and Apple occasionally don’t move fast enough. This was the case where they both failed to effectively seize on the amazing social media and microblogging opportunities that the faster-moving startups Facebook and Twitter quickly dominated.
In the past, the business domination rule was simple … Large and established firms will dominate the smaller ones.
However the new rule has become “It’s the fast-moving and rapidly adapting firms that now dominate the slower ones, whether they are large or small.”