As Marc Andreessen succinctly put it: “Software is eating the world” – disrupting markets and obsoleting traditional players in ever more markets.
As Steve Blank and Bob Dorf highlighted, this is happening in two distinct ways: by just moving to a digital sales channel (i.e. selling over the Internet), or by making the product itself digital.
In both cases, the transition is disruptive to the respective market, but I believe there’s a big, qualitative difference in the impact of the disruption – a difference that is easily overlooked but that is fundamental to company valuation.
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