An important aspect of understanding your business ecosystem is knowing your position within it (positioning), whether you hold a higher or lower (subordinate) role, and whether your offerings are substitutes or complements. Netflix started as a DVD rental service. With the rise of online streaming, Netflix saw it as a replacement for DVD rentals. Kimbap and Ramen are complementary goods, but Ramen and Udon are substitutes. This is why, even when setting up a snack bar, paying attention to the menu is crucial. Complementary goods increase sales, while substitutes are more likely to lead to no change or even a decline in sales. - Joseph’s “just my thoughts”
It took 3,000 years from the appearance of smallpox in the world to the development of a vaccine. It took 13 years for AIDS , 5 years for Ebola , and just 4 months for COVID-19 . 7 days after the COVID-19 outbreak was reported to the WHO , all viral DNA sequences had been identified. The rapid development of an mRNA vaccine in such a short timeframe has never been achieved in human history. This demonstrates how remarkable progress in biology and biotechnology has become. Similarly, the pace of wealth creation and economic growth has accelerated. It is a recent phenomenon in the long history of human life that we now measure time in seconds. We need to understand what kind of world we are living in right now. - Joseph’s “just my thoughts”