This is a very important advice for tech startups and the companies in technology sector. It can be summarized as innovate or die!
Even if you are on the right track, you’ll get run over if you just sit there.– Will Rodgers
It can also apply to any industry, because often big companies were overtaken by newer more innovator companies. Any company that is relying on an already established business and do nothing to explore ways to increase the share of the market, get into new markets, or even create a new market from scratch, will find itself one day ran over by new companies that are willing to do just that.
Competition is ruthless, and if a company is just happy with were it is, then the road to the company’s decline have started.
We can find multiple examples that proves this quote, my 2 favorites are:
Yahoo and Google, Yahoo was the reference in search, but it was overtaken by a new small startup Google!
Facebbok and Myspace, Myspace was the social network, until a new startup Facebook just took it’s place!