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How important is it to understand – and take seriously – the new competitors who might disrupt your entire business model? We all know the answer: it’s crucial. Failing to do so can put you out of business. Yogesh underscored that key point with this quote, made by the CEO of Blockbuster in 2008: “We don’t worry too much about Redbox and Netflix.” Blockbuster’s business model was completely disrupted by these and other new players. “Disruptions are breaks in patterns, such as new channels, new products and services, and new business models,” he explained. Some of the drivers that are creating massive change in the world today include the Internet of Things (IoT), the sharing economy, mobility, artificial reality and virtual reality, among others, he stated.
Keywords: Corporate Real Estate Forum, CREF, Young Leaders, Chicago, disruption
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