Top lessons from the book:
* Innovation requires looking at the present unconventionally and creating your own future.
The sign of a truly innovative product is the monopoly that evolves as a result.
* Don’t reinvent the wheel.
* Your start-up will only be as successful as the quality of people and the culture within it
* Marketing is just as important as the product themselves
*Building something that lasts
Peter describes a company that brings in large cash in their future as sharing the following features:
-Economies of scale
To achieve growth and create a monopoly:
-Start small and monopolize
Factors to consider in building monopoly
-Discovering a secret
-Expanding your market
-Being a last mover
-Understanding the power law
Three decisions for effective alignment
-Ownership: Who will own the company’s equity
-Possession: Who will run the company day-to-day.
-Control: Who will govern the company
Checklist for success
If you have a solid answer for each, then you will have a great business:
-Engineering: is your technology a significant advance or only incremental improvement?
-Timing: is this the right time to sell this technology?
-Monopoly: Are you targeting a big share of a small market?
-People: Do you have the right people on your team?
-Distribution: Do you have a plan to sell your product?
-Durability: Will you dominate your market in the next 10 to 20 years?
-Secret: Have you identified a unique opportunity overlooked by everyone else?