In an economy dominated by tech giants, growing your business to compete with Amazon or Google can feel futile. But Ray Wang thinks differently about this challenge.
Wang is the founder and chairman of Constellation Research, a Silicon Valley advisory firm that finds opportunities for businesses to scale — especially in highly competitive climates. He explains why companies that have won the digital innovation battle have yet to win the war.
From Domino’s Pizza, to Honeywell, to Walmart, and even Mom & Pop businesses, Wang shares numerous examples of how successful companies stopped playing their competitors’ game, and invented new lines of business they can uniquely own.
Wang also re-thinks personal data as a property right — a simple regulatory shift that would completely disrupt tech in favor of consumers and small businesses.
Takeaways from this episode:
- Decision Velocity: The faster you can make decisions, the faster you can make progress.
- Personal Data as a Property Right: A way to rethink our relationship with tech companies.
- Data, Data, Data: Harnessing it without drowning in it is the key to staying competitive.
- Don’t Forget to Leverage What You Already Have: Stop looking at competitors and wishing you had their assets, and start looking for ways to use what already makes your business unique.