Peter Thiel: Competition is for Losers (How to Start a Startup, 2014)

Business strategy; monopoly theory; capturing value; market dynamics; innovation. ---Outline:(00:00) Introduction(00:50) Outline(00:57) Capturing value(01:57) Big piece of a small pie(03:37) Perfect competition(04:31) Monopoly(05:33) Lies people tell(05:36) Differences underestimated(06:59) Narratives(07:54) British food in Palo Alto(08:40) Do the intersections make money?(08:45) Blockbuster movie(09:29) Is the intersection valuable?(09:35) Startup version(10:11) The search market(11:00) The advertising market(11:29) The technology market(12:36) Evidence of narrow markets(13:28) How to build a monopoly(13:39) The right size(14:36) Start small and expand(17:05) Start big and shrink(18:40) Last mover advantage(18:45) Characteristics of monopoly(27:10) Value of the future(27:55) History of innovation(28:28) Technological innovation(30:16) Capturing value(31:59) Success cases(37:03) Psychology of competition(38:14) Mimetic preferences(38:33) Competition as validation(42:22) Q&A(42:26) Q1(43:01) Q2(43:38) Q3(44:34) Q4(46:40) Q5(47:55) Q6--- Source: https://www.youtube.com/watch?v=VBYrcYy_dh4