How to start a startup series Lecture 5 – Competition is for Losers (business strategy and monopoly theory) Peter Thiel, founder of Paypal and Palantir, discusses business strategy and monopoly theory in “Competition is For Losers”. …if you’re the founder, entrepreneur, starting a company you always want to aim for monopoly and you want to always avoid competition. And so hence competition is for losers… …how do you go about creating value? What makes a business valuable? And I want to suggest there’s basically a very simple formula, that if you have a valuable company two things are true. Number one, that it creates “X” dollars of value for the world. Number two, that you capture “Y” percent of “X.” … …If we look at perfect competition, there’s some pros and cons to the world of perfect competition… …So let me tell you a little bit about the lies people tell. If you imagine that there was a spectrum of companies from perfect competition to monopoly, the apparent differences are quite small because the people who have monopolies pretend not to…. Full transcription here
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