This is why the existence of monopolies drive forward innovation. If someone wants to try and do something like Google but not as good, why should they have an even market share? You have a market share where you can set the standard for pricing, along with greater buying power.Īnd, let’s be honest. In fact, being a monopoly on a market is a sure fire way to solidify future growth. While Google’s monopoly isn’t great for competitors, it is great for the general public who use Google, along with the company itself. Google, for example, has a monopoly of the search engine industry – sorry to the three people who access this site using Bing. If a business is so good at something that nobody else can copy their results, that isn’t a bad thing for society. However, a monopoly isn’t always a bad thing… Most of the time, a business has just found a way to be more effective than their opposition. When most people think of the term ‘monopoly’, they think of a massive and evil company squeezing the weaker opposition. Lesson One: Monopolies are actually good for innovation
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