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:

-Proprietary technology

-Network effects

-Economies of scale

To achieve growth and create a monopoly:

-Start small and monopolize

-Scale up

-Don’t disrupt

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?