Imagine you wake up one day and suddenly there is a completely new technology available that outperforms your product or service in every way and you didn’t see it coming. Sounds impossible, right? Well, scenarios like these are happening. Take for example taxi service Uber or navigation devices for in your car. In case of the latter, players like Garmin and TomTom dominated this market for several years, selling their products for hundreds of dollars each. However, that was before Google introduced Google Maps for Android phones including a navigation function. As a result, Garmin’s and TomTom’s market values dropped dramatically, 85% in only 18 months.
6 years, 2 months ago