7 Unexpected Crisis Moments That Shaped Successful Founders Lessons from Nathan Chan’s 500 Interviews – How Reed Hastings Used Netflix DVD Service Crash of 2002 to Build Streaming

Reed Hastings’ journey with Netflix began with a simple idea: to eliminate late fees and make movie rentals more convenient. The early days were built around mail-order DVDs, a model that, while initially successful, encountered significant bumps in the road. By 2002, Netflix was facing growing pains— operational hurdles and increasing customer complaints began to strain the service. Instead of accepting defeat, Hastings saw this crisis as a chance to reassess the company’s future. He astutely recognized the growing wave of digital media and the evolving desires of consumers.

In 2007, Hastings boldly decided to shift Netflix’s core focus towards online streaming. This was a significant gamble, requiring a substantial investment in technology and a change in how the company approached content delivery. It was a gamble that paid off tremendously. The move signaled Hastings’ knack for adaptation, and his ability to anticipate changes in consumer preferences. Netflix’s success in transitioning to a streaming platform is a testament to the fact that amidst adversity, new possibilities can emerge.

Hastings’ leadership philosophy also played a critical role in navigating this challenging period. His emphasis on a corporate culture centered on “Freedom and Responsibility” allowed the company to react with speed and flexibility. By empowering his employees to take ownership and innovate, Netflix thrived during a period of immense technological change. In essence, this approach transformed Netflix from a niche DVD rental service into a global entertainment powerhouse that redefined how people consume content, all thanks to a well-timed pivot.

In 2002, Reed Hastings found himself at a crossroads with Netflix. The DVD service, the core of the business, experienced a setback, exposing the inherent limitations of a physical media model in a rapidly evolving technological landscape. The rise of broadband internet was clear, hinting at a future where digital delivery could be both faster and more convenient.

Hastings’s initial frustration with late fees that birthed Netflix now became a catalyst for a bolder vision. The DVD model was riddled with inherent flaws like delays and the inefficiencies of shipping. This realization sparked a crucial shift: an urgent need to embrace a new frontier, streaming. Delivering movies instantaneously was a goal within reach, and the DVD crash pushed the idea to the forefront.

However, the crash wasn’t solely about operations; it highlighted a glaring gap in user experience. Hastings grasped the opportunity to rectify this, strengthening customer relationships through a more refined and responsive service. This led to enhanced user engagement and built a more loyal customer base.

It was during this critical period that Hastings emphasized the importance of data-driven decision-making. Analyzing the crash’s root causes became paramount, informing improvements to service offerings and distribution strategies. The application of data analytics to solve this business problem was a key element, paving the way for a future where personalized experiences could be standard.

The DVD service crash became a vivid example of the tech disruptions that were to come. Hastings learned a valuable lesson about resilience and adapting to inevitable change, a theme well explored in anthropology where humans continuously respond to challenging circumstances. It reinforced the idea that agile responses to unforeseen events can lead to profound transformation.

Moving to streaming also meant embracing a subscription model for revenue, a move that provided a buffer against the ebbs and flows of the economy. Compared to traditional rental schemes, the subscription approach seemed more resistant to financial uncertainty. This offered a new perspective on how consumers engage with services and how economic conditions influence consumption habits.

Furthermore, the streaming shift opened doors to the global market, blurring geographic boundaries that were previously impediments to distribution. This led Netflix on a journey of international expansion, underscoring the importance of cultural sensitivity and the development of sound global strategies.

Hastings recognized the need to foster a culture of innovation within Netflix during this transition to streaming. It wasn’t just about the technology but also the mindset of the workforce. Encouraging a “fail fast” approach spurred rapid experimentation, reflecting the modern principles of effective entrepreneurship.

The crash reinforced Hastings’ belief in what some call the “infinite game” philosophy, a perspective where ongoing adaptation and innovation are more important than just competing in a closed-ended competition. This mindset became a catalyst for innovative thought in other fields, not just entertainment.

Ultimately, the Netflix DVD crash stands as a powerful illustration of how technology can reshape conventional business structures. It reminds us that entrepreneurs need to be ever-vigilant, ready to change course, learn, and adapt to stay relevant. This experience mirrors historical transformations in various industries as new technologies and social shifts force reinvention. It speaks to a fundamental human characteristic: a creative spirit that adapts and transforms under pressure.

7 Unexpected Crisis Moments That Shaped Successful Founders Lessons from Nathan Chan’s 500 Interviews – Steve Jobs Getting Fired From Apple in 1985 Led to Pixar Success

Steve Jobs’ dismissal from Apple in 1985 serves as a potent illustration of how adversity can unexpectedly lead to triumph. At a relatively young age, 30, Jobs encountered a significant professional setback that could have easily defined his career trajectory. Yet, he refused to be defeated and instead used this rejection as a catalyst for innovative ventures. Through his creation of NeXT and his acquisition of Pixar, Jobs not only profoundly altered the field of animation but also gained profound insights into leadership and the importance of resilience. The period away from Apple provided him an opportunity to further develop as a forward-thinking entrepreneur, eventually setting the stage for his triumphant return to the company and its subsequent revival. Jobs’ experience powerfully highlights how adversity can be a transformative force, a recurring theme seen throughout the narratives of many successful entrepreneurs who have overcome major obstacles.

Steve Jobs’ 1985 dismissal from Apple, a consequence of disagreements with leadership, could be viewed as a pivotal moment. At only 30, Jobs, a driving force in personal computing, was ousted. This unexpected turn of events led him to sell a significant portion of his Apple stock and embark on new ventures. He founded NeXT, and his acquisition of Pixar, a then-fledgling computer graphics firm, eventually became a catalyst for his future successes and the evolution of animation.

Pixar, under Jobs’ guidance, transitioned from a hardware-focused company to a leading animation studio, highlighting his knack for business transformation. He steered the studio toward major success in the entertainment realm, particularly with films like “Monsters, Inc.” This was a risky move, given the animation field’s then-state. Jobs was willing to bet on his vision, demonstrating a critical aspect of entrepreneurship— the acceptance of risk. This initiative aligns with anthropological perspectives on how human innovation often thrives in uncertain environments.

Pixar’s achievements extended beyond the animation industry; they impacted the broader entertainment world by emphasizing the role of storytelling and emotional connections in film. It mirrors patterns throughout history where innovation in a particular domain can influence widespread cultural shifts across various spheres. This underscores the connection between creativity and cultural change.

Jobs’ experience with Pixar reveals that perceived failure isn’t always a finality; it can be a vital learning opportunity. This echoes philosophies that stress the crucial role of learning from setbacks in personal and professional growth. We can see that Pixar’s success was also intertwined with advancements in technology. Jobs’ earlier experiences at Apple inadvertently laid the groundwork for the development of CGI techniques at Pixar, underlining the synergistic relationship between technological evolution and creativity. This is a recurring theme throughout history, with innovation in one field often leading to further advancements in others.

Pixar’s entrance into the animation landscape was disruptive, challenging the conventional practices of hand-drawn animation and ushering in a new era of filmmaking. This scenario parallels past instances where industrial shifts were triggered by technological progress, demonstrating how innovation reshapes industries. Additionally, Jobs implemented a distinct company culture at Pixar, one that prioritized creativity and innovation, which differed from the established, hierarchical structures of other companies. This cultural shift toward a more egalitarian structure indicates an evolving business philosophy centered on encouraging employee engagement.

Finally, Jobs’ strategic vision for Pixar extended beyond immediate financial gains; it aimed to create a long-lasting legacy in art and storytelling. This echoes philosophies emphasizing a continual journey of development rather than short-term objectives. This perspective on success has profound implications for entrepreneurship, highlighting the benefits of a long-term perspective. Jobs’ story is a testament to how an apparent setback can lead to extraordinary achievements, and a lesson in how to see potential where others see defeat.

7 Unexpected Crisis Moments That Shaped Successful Founders Lessons from Nathan Chan’s 500 Interviews – Mark Cuban Learning Digital Broadcasting Through Failed AudioNet Launch

Mark Cuban’s journey with AudioNet, which later evolved into Broadcast.com, provides a fascinating example of learning through failure. Initially focused on broadcasting live sports and radio over the internet, AudioNet faced a series of challenges that ultimately became foundational to Cuban’s understanding of the digital broadcasting landscape. The shift to Broadcast.com signaled a significant change in strategy, allowing the company to diversify into areas like video and music. This evolution proved instrumental in Broadcast.com’s success, showcasing the importance of adaptability in a nascent and quickly changing field.

Cuban’s perspective on the sale of Broadcast.com to Yahoo highlights the critical lessons learned during the company’s lifespan. The experience solidified Cuban’s belief in the power of adapting to changing consumer needs and technology. This venture prefigured the current streaming giants like Netflix and YouTube. It underscored a crucial theme often overlooked in entrepreneurial success stories: the invaluable insights that can be gleaned from periods of struggle. In essence, AudioNet/Broadcast.com’s trajectory highlights how confronting setbacks can pave the way for innovation and lead to transformative growth, a crucial concept for those navigating the often unpredictable world of entrepreneurial ventures.

Mark Cuban’s foray into digital broadcasting with AudioNet, launched in 1995, was a bold step in a nascent internet landscape. Their aim was ambitious: to stream live sporting events and radio programs over the internet using compression technologies. This approach, while revolutionary at the time, foreshadowed later platforms like Spotify and SoundCloud, which rely on similar principles.

However, AudioNet faced significant hurdles. The internet infrastructure of the mid-90s simply wasn’t equipped to handle the demands of streaming audio reliably. Bandwidth limitations led to poor quality and inconsistent service, affecting user experience. This experience, surprisingly relevant today, highlights the ongoing struggle with infrastructure and how it can impact service delivery.

Cuban, even in those early days, recognized the power of data analysis. He closely observed user behavior to improve AudioNet’s offering. This emphasis on data-driven decisions became a recurring theme in his entrepreneurial career, a tactic now widely adopted for customer engagement and optimizing business operations.

One of the most important lessons from AudioNet’s eventual failure was the necessity for flexible business models. Cuban realized that sticking to a rigid plan could be a major impediment to growth. His subsequent ventures often embraced iterative development and adaptability, which are central components of a more modern and resilient approach to product design.

Cuban’s background, which encompassed both technology and media, proved invaluable in his approach to digital broadcasting. This interdisciplinary knowledge base seems to mirror some of the ideas in anthropology where broader experience allows for more creative solutions to problems. It speaks to the value of bringing different skill sets to bear on challenges.

AudioNet also serves as a potent reminder that timing is crucial for successful entrepreneurial endeavors. While Cuban’s vision was forward-thinking, it was ahead of its time, a common fate of many early innovators. This story adds to the discussion of business strategy and the challenges of forecasting technology adoption rates.

The lessons learned from AudioNet led Cuban to adopt a “fail fast” philosophy. This approach emphasizes rapid experimentation and the ability to bounce back from setbacks. It reflects a shift in modern entrepreneurial thinking, where failure is seen as an opportunity for learning and improvement.

Interestingly, after the AudioNet experience, Cuban shifted his focus to more traditional business ventures, including significant investments and his ownership of the Dallas Mavericks. This pivot highlights a common pattern in entrepreneurship, where individuals might transition to more familiar territory after setbacks in their initial pursuits.

AudioNet’s initial broadcasts of sporting events were a disruption to the conventional methods of consuming sports content. It paved the way for the rise of streaming-first media companies that now dominate the entertainment landscape. This historical shift underscores the urgency for businesses to remain agile in the face of constant technological advancements.

Cuban’s journey with AudioNet offers a compelling example of the psychological strength needed for entrepreneurship. He was able to take the hard lessons from this early failure and effectively integrate them into his later endeavors. This resilience mirrors a philosophical theme found throughout history: the ability to learn and grow from adversity.

7 Unexpected Crisis Moments That Shaped Successful Founders Lessons from Nathan Chan’s 500 Interviews – Sara Blakely Using Fax Machine Failure to Create First Spanx Prototype

Sara Blakely’s journey to creating Spanx showcases the power of transforming setbacks into triumphs. Initially a 27-year-old fax machine salesperson, Blakely had faced challenges including LSAT failures, forging a path of resilience and determination. A critical turning point arose when her fax machine malfunctioned, prompting her to devise a creative solution to a personal problem – the visibility of panty lines under light-colored clothing. This spark of innovation, fueled by her sales background and knack for managing rejection, led to Spanx’s first prototype, all without any formal design or business education. Her experience underlines that ingenuity, tenacity, and the ability to learn from adversity are key elements for entrepreneurs who strive to innovate and solve customer issues within established markets. It’s a testament to the idea that stumbling blocks can be converted into stepping stones, especially when coupled with a vision for fulfilling unmet needs.

Sara Blakely’s journey from a fax machine salesperson to the founder of Spanx is a fascinating case study in how unexpected circumstances can lead to remarkable success. In 1998, while selling fax machines door-to-door at age 27, she conceived the idea for Spanx after facing the frustrating reality of visible panty lines under cream-colored pants. This mundane experience— the everyday problem of visible undergarments— became the catalyst for a billion-dollar company. It’s a reminder that innovation can stem from seemingly trivial observations and experiences, a concept reminiscent of anthropological studies on the origins of tools and innovations from mundane activities.

Interestingly, her sales background proved advantageous. Having dealt with countless rejections during her career, she was already equipped with a level of resilience that many entrepreneurs only develop through trial and error. This suggests that the experience of failure can contribute to a valuable mindset for entrepreneurship. Blakely used these earlier experiences to navigate her initial ventures with Spanx. It mirrors research in psychology showing how resilience and resourcefulness develop from overcoming hurdles.

Her initial prototype, developed without any formal training in fashion design or business, was remarkably inventive and a result of necessity. By using a simple fax machine to conceptualize her product, she showcases the core idea of entrepreneurship: using the resources at hand to find clever solutions. This highlights a facet of innovation, where low-cost and readily available materials can lead to effective problem-solving, a theme that echoes similar struggles observed across various historical technological advancements.

Initially, she invested just $5,000 of her own savings to launch the company. This small-scale investment serves as an excellent example of how bootstrapping can lead to remarkable outcomes. It underscores a key theme in economic history and entrepreneurship: great successes often don’t necessitate massive capital at the start. In fact, it seems a reliance on too much funding at the beginning might inhibit some forms of innovation and rapid product development that are so necessary in the early stages.

However, Blakely encountered significant obstacles related to gender bias in the undergarment and fashion industry. Many researchers have documented the inherent obstacles women face when trying to establish their businesses within traditionally male-dominated fields. This highlights a crucial aspect of entrepreneurship that is often neglected in success stories— the social and cultural barriers many entrepreneurs must confront and overcome. It suggests that Blakely’s story can become an inspirational example for future women entrepreneurs attempting to navigate similar difficulties.

The core of her product was based on a desire to create a more comfortable undergarment, a subtle example of the interplay of form and function in design. It mirrors philosophical ideas that touch on the interplay between aesthetics, utility, and the human experience. This highlights a potential aspect of user-centered design, where innovative products are not just about functionality but also about enhancing people’s everyday interactions with their environments and their bodies.

Oprah Winfrey’s prominent endorsement of Spanx in 2000 greatly boosted the company’s visibility and credibility. This shows the crucial role that branding, storytelling, and relationships play in entrepreneurship. It suggests that Blakely’s ability to understand her market and tailor her message played a significant role in her company’s rapid ascent to the top of a heavily established industry.

Her story also subtly touches on psychological concepts like cognitive dissonance. By introducing a new type of undergarment that challenged existing norms and standards, Blakely created a tension for the market. As humans generally seek balance and consistency, new or disruptive innovations sometimes lead to a reevaluation of how we think and make purchases. Psychological studies show that the challenges inherent in that dissonance can lead to changes in habits and purchasing decisions, which is seemingly reflected in Spanx’s rapid market share growth.

Beyond comfort, Blakely’s Spanx products also exhibited strong design. User-centered design advocates often emphasize the importance of a product’s aesthetic appeal in consumer markets. Spanx’s focus on not just functionality but also appealing to consumers’ aesthetic sense underscores the broader considerations in product development and marketing.

It’s also important to acknowledge that Blakely’s prior experiences of developing and subsequently failing to market other products were key to her resilience in entrepreneurship. Research in creativity often suggests that people who have undergone failure can often develop new perspectives that lead to more robust problem-solving skills.

Finally, Blakely’s success didn’t just happen. Her early networking efforts were also critical. Researchers often highlight the importance of strong social networks for new ventures and businesses, suggesting that building a strong network in your industry helps build awareness and establish opportunities for your business. It was this kind of effort—actively engaging with her network— that likely paved the way for initial distribution and sales opportunities with retail establishments.

In conclusion, Sara Blakely’s Spanx journey serves as an inspiring example of how entrepreneurs can achieve success by embracing creativity, resourcefulness, and the lessons learned from setbacks. Her story emphasizes that even the most mundane experiences can inspire innovative solutions, which suggests the importance of being mindful and curious about the details of our everyday lives. Her approach to entrepreneurship—being driven by personal experience and a persistent desire to solve common problems—offers valuable lessons for budding entrepreneurs in all industries.

7 Unexpected Crisis Moments That Shaped Successful Founders Lessons from Nathan Chan’s 500 Interviews – Richard Branson Surviving Virgin Atlantic Crisis Through Record Store Sales

Richard Branson’s experience with Virgin Atlantic during a period of financial hardship offers a powerful illustration of how past experiences can be repurposed to navigate crises. Virgin Atlantic faced substantial difficulties, prompting layoffs and operational closures. Faced with this adversity, Branson creatively turned to an unexpected source for financial support: his earlier success in the music industry through record stores. Utilizing funds generated from his music enterprises, Branson was able to stabilize the airline and demonstrate the power of adaptability and resourcefulness in entrepreneurship. His actions suggest that a willingness to draw on diverse experiences, especially past successes, can be a crucial factor in weathering significant business challenges. This ability to shift perspective and creatively leverage resources serves as a reminder of how past business ventures can inform future decisions, emphasizing that resourcefulness is a valuable tool for entrepreneurs in turbulent environments. The Virgin Atlantic example resonates with many entrepreneurial narratives that highlight the need for agility and flexibility in the face of adversity.

Richard Branson’s entrepreneurial journey began with Virgin Records, a mail-order record store established in 1970. This venture, launched in a period of burgeoning British music culture, highlights how understanding the zeitgeist can lead to entrepreneurial success. It’s much like anthropology’s emphasis on understanding the relationship between cultural values and economic exchange.

The aftermath of the 9/11 attacks in 2001 dealt a heavy blow to the airline industry, including Virgin Atlantic. This created a crisis for Branson, forcing him to act fast and creatively. He strategically leveraged the widespread appeal of the Virgin brand, which had been built on the success of Virgin Records. It’s interesting to compare this crisis management with the historical responses of markets to disruptive events, often demonstrating adaptability.

Branson didn’t just rely on existing record sales. He also had to diversify offerings in the music space, a common tactic in entrepreneurship when under pressure to change course. It’s quite similar to how industries historically innovate during times of economic hardship.

The events forced Virgin Atlantic to adopt a modified operational model—a common theme in corporate history. This crisis emphasized a core idea in entrepreneurship: the importance of diversification for risk mitigation.

Branson’s strategy for Virgin was about fostering emotional connections with customers—something that strongly impacts brand loyalty, and this approach draws similarities to how anthropologists see emotional narratives influence consumer behavior. It’s an age-old strategy, one of building a story around a brand.

In response to the pressures, Branson took calculated risks by leaning heavily on record sales to cushion the airline’s financial strain. This decision-making demonstrates the willingness to strategically embrace uncertainty—a defining characteristic of many successful founders. It’s a good example of how calculated risk aligns with philosophical thinking on how calculated risk can yield substantial benefits.

Branson’s efforts to stabilize the company heavily relied on fostering strong customer relationships and implementing various loyalty programs, in some cases, linked to record store purchases. This approach falls in line with the modern emphasis on user-centered design, which prioritizes building products and services that deeply connect with consumer preferences.

The close relationship between Virgin Records and Virgin Atlantic provided opportunities for cross-promotion. Examining historical business collaborations reinforces how strategic partnerships can expand market reach and create wider brand awareness.

Branson, despite the turmoil, maintained a long-term vision for Virgin Atlantic, anticipating the recovery of the airline industry. This characteristic of looking beyond immediate challenges to envision a longer future is crucial for entrepreneurs to weather economic storms. We can see patterns of this in history, when leaders with long-term vision guide recovery after major crises.

The cultural landscape of music was important for Branson’s ventures. The strength of the Virgin Records brand and the cultural importance of music played into his strategies. There’s a lot to study here about how economic outcomes are closely tied to cultural changes—a powerful reminder that entrepreneurship doesn’t exist in a cultural vacuum. It’s important to understand your business’s place within the culture of a given moment.

7 Unexpected Crisis Moments That Shaped Successful Founders Lessons from Nathan Chan’s 500 Interviews – Jeff Bezos Overcoming 90s Dot Com Crash by Adding Third Party Sellers

During the late 1990s dot-com bubble burst, Jeff Bezos took a decisive step to help Amazon survive. Recognizing the need to adjust, he steered Amazon away from its initial focus and opened up its platform to third-party sellers. This decision not only significantly broadened the selection of products available on Amazon but also introduced a vital new source of income. It was a move that helped Amazon weather the economic storm that devastated many other online businesses at the time.

While initially facing some hurdles, Bezos’s strategy paid off. Amazon, initially just an online bookstore, transformed into a major force in retail sales, and importantly, it set the stage for Amazon to branch out into new areas like cloud computing. Bezos’s actions illustrate a crucial aspect of entrepreneurship: the ability to identify opportunities even when faced with a challenging situation. It’s a potent reminder that difficulties can trigger new directions and even create the foundation for achieving extraordinary success, a lesson observed across the experiences of many influential entrepreneurs.

Jeff Bezos’s decision to integrate third-party sellers into Amazon’s operations during the late 90s dot-com crash wasn’t just about survival; it fundamentally reshaped the e-commerce landscape. By opening the platform to outside vendors, Amazon significantly broadened its product catalog, addressing a wider range of consumer needs without needing to significantly expand its own warehousing or inventory management. This move also proved to be a clever way to boost revenue streams, as it allowed Amazon to tap into a vast pool of sellers willing to pay fees for access to the platform’s established customer base. In fact, today, a considerable portion of Amazon’s sales come from third-party vendors, showcasing how innovation and adaptability can blossom from adversity.

Beyond simply increasing revenue, Bezos understood the need to adapt to shifting customer behavior. Using data analytics, he and his team could optimize the platform to better serve both Amazon and the new community of third-party sellers. This analytics-focused approach fostered a dynamic platform capable of reacting to trends and changing preferences in a way that wasn’t possible before. In essence, the crisis provided a powerful incentive to build a platform that prioritized data-driven decision-making, a practice now central to many businesses.

Furthermore, Bezos recognized that the dot-com crash underscored a broader lesson—adaptability is crucial to navigating the unpredictable nature of business. The crash served as a reminder that market conditions can change rapidly, forcing companies to adapt or risk being left behind. This resonates with numerous entrepreneurs and historical examples of successful businesses, illustrating that pivoting is not necessarily a sign of failure but a crucial component of entrepreneurial evolution.

This shift to third-party sellers ultimately enhanced the user experience. By providing consumers with a greater selection of products and prices, Amazon improved satisfaction and loyalty during a challenging economic period. This emphasis on customer experience highlights an important lesson: even in the face of difficulty, focusing on user-centered design and providing value can contribute greatly to long-term success.

The decision to add third-party sellers provided Amazon with a financial cushion during the crash. This strategic move generated revenue without requiring massive increases in operational expenses and acted as a form of built-in risk mitigation for the company. This approach, focusing on revenue streams that didn’t depend entirely on Amazon’s own inventory, reflects a sophisticated understanding of financial planning during unpredictable times.

Interestingly, this model represented a cultural shift within the e-commerce space. The idea of integrating small, independent businesses into a large marketplace is a concept with parallels in other aspects of human economics and trade throughout history. This shift in the e-commerce model resonated with a growing idea that economic success could be achieved through diverse and collaborative marketplaces, echoing anthropological perspectives on economic structures.

Bezos’s strategic decision to incorporate third-party sellers didn’t just help Amazon weather the storm, it changed the way businesses in the retail sector viewed the marketplace. Other companies began adopting similar models, recognizing the potential for growth and resilience through shared economic structures. This illustrates how crisis-driven innovation can not only save a business but also have a transformative effect on an entire industry.

Building a strong network of vendors helped Amazon diversify its product offerings and offered a wide range of prices and products, something that benefited Amazon’s long-term sustainability. This approach built upon prior lessons learned from a variety of industries, demonstrating the value of interdependence and cooperation in modern business.

Ultimately, Bezos’s pivot to third-party sellers proved not only to be a solution to a business crisis but a catalyst that propelled Amazon into a dominant position within the e-commerce landscape. This reinforces a central theme within the realm of entrepreneurship—crises, though disruptive, can be springboards for developing truly unique advantages that help redefine an industry and establish long-term growth.