In the previous video, Adora Cheung, Homejoy Co-Founder talked about the development of a scalable product, identifying user needs and giving solutions to the problems faced by a startup in their product’s growth. She mainly emphasized that in order to build a good product and grow, the company should clearly understand their audience and know about the industry very well.
In this video, Peter Thiel, co-founder of PayPal, early investor in Facebook, and co-founder of Founders Fund, portrays a real picture of the competition in a startup world. He also shares his ideas about developing business strategies in order to maintain a competitive advantage. Thiel says in order to make young businesses competitive you have to create something of value and capture some fraction of the value of what you’ve created.
“There are exactly two kinds of businesses in this world,” he said. “There are businesses that are perfectly competitive and there are businesses that are monopolies. There is shockingly little that is in between.”