![]() ![]() The way you do business can be just as influential in improving productivity and raising the standard of living. Leaders who wish to participate in creative destruction may think that they can only do this by introducing an entirely new product or service that supplants the current market leader. This corporate mindset hinders true entrepreneurship and stifles innovation. On the other hand, adversarial relationships take on a “me-first” mindset that usually seeks to undercut other parties - be they business partners or customers. Such outcomes are achieved when the goal is to raise the standard of living for all. ![]() Partnerships can even be used to develop entirely new products. Businesses that collaborate with their suppliers can better optimize the technology used for their products. This example is especially worth noting because of its emphasis on collaborative, rather than adversarial business relationships. Everyone can reap benefits by working together, rather than trying to fight against each other.” Whether a game developer, investor or gamer, everything from running network nodes to adding games also grows the community rewards pool because we recognize that each contribution provides value. Lee continued, “Our system seeks to tear down the traditional publishing and community model by rewarding all members of the community based on their participation. Lee explained, “Traditional game publishing uses an adversarial system, where the platform holder and the game developer are endlessly negotiating on fees to monopolize user access. Quite often, this begins by looking at norms within your industry to identify the inefficiencies that are holding back true growth.Ī great example of this came from a recent conversation with HongKyu Lee, CEO of Iskra. Just about every business leader can be involved in the process of creative destruction by seeking continuous progress that raises everyone’s standard of living - not just their own. How your business can win through Creative Destruction While some businesses will inevitably fail, the net positives for society far outweigh the cons. Such changes are reliant on a free-market model that is willing to let outdated business practices fail and be replaced by something better.Ĭreative destruction ultimately benefits society by giving customers more options to meet their needs - while also forcing organizations and their competitors to continually innovate and improve. These radical transformations destroyed older business models, but created new opportunities with a more beneficial way of doing things. ![]() Going back to the examples of Netflix and Amazon, the convenience factor that stems from not having to run to the video store or the mall is a significant time saver. ![]()
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