Although digital revolution is opening the doors to new possibilities, businesses who don’t appear to be part of that competitive set, shouldn’t be underestimated.
“Businesses used to very easily know who their competitor was, but this has changed in the past few years,” Stephen said.
He further explains that in 2010, Netflix wasn’t seen as a competitor. However, with mobile devices beginning to infiltrate the tech-world, Netflix soon realised how they could disrupt the digital game. They took a gamble, stepped away from the status-quo and introduced something completely new - streaming.
From 2010 to 2018, their market cap increased from $3 billion to $153 billion – something no one saw coming.
Stephen stresses that as the digital world continues to move forward rapidly, where advancements and new ideas are constantly coming to the surface, anything is possible.
In order to stay ahead of the game, businesses shouldn’t become complacent – always think a few steps ahead and never underestimate your competitors.