What Happened to Good Ol’ Competition – Is Innovation Dead?
Back in the day, not too long ago, there were many companies competing in a specific marketplace for customers, not consumers. The customer was always right. Companies valued customers. Competition made services and products attractive to customers, and they flocked to the companies that not only provided the best products, but also the best customer service.
Today, customer service is a distant memory in many cases. A customer is no longer treated as valuable, but instead has transitioned into a consumer. Consumers have been deemed a company right. In multiple ways, innovation has taken a back seat. There is a pervasive herd mentality. Instead of different thinking and innovation, too many companies follow the crowd and conform. If companies don’t conform for whatever reason, litigation becomes a significant obstacle for nonconformists.
Companies become more powerful through acquisition by creating industry specific oligopolies, or a monopoly as opposed to the good old days of competition (Circa the advent of the Internet). Increasingly, today’s competition is wrapped up in patent trolls, and licensing litigation. Competition seems to exist only in sports and politics (if we believe what we see is true). The business world has seceded from the world of competition.
This article is not intended to point a finger at any one company, but to highlight a development in the business world that crosses industries, and detracts from innovation and unadulterated competition.
We need to consider how best our global future can be served by restricting new ideas and experimentation from those of us who have much to contribute. Should monopolistic behavior and litigation serve as the backbone of the business world in the 21st century, I think not.