Competition is for Losers with Peter Thiel (How to Start a Startup 2014: 5)

Summary

Peter Thiel argues that competition is destructive for business and that entrepreneurs should strive to build monopolies instead. He explains that valuable businesses create massive value for the world while capturing a significant fraction of that value. By exposing the lies companies tell to hide their competitive or monopolistic nature, he encourages founders to target small, niche markets, achieve a technological breakthrough, and scale concentrically to become the 'last mover' in their industry.

Topics covered

• Monopoly vs. Competition
• Value Capture Formula

+4 more topics (full content when you follow the channel)

Transcript excerpt

all right good afternoon uh today's speaker is Peter teal Peter was the founder of PayPal and paler and Founders fund and has invested in uh most of the tech companies in in silica Valley and he's going to talk about strategy and competition thank you for coming Peter awesome thanks uh Sam thanks for inviting me thanks for for having me uh I I sort of have a I have a single eay FS that I'm completely obsessed with in um on on the business side which is that uh if you're starting a company if you're the founder entrepreneur starting a company you always want to aim for Monopoly and um and that uh and you want to always avoid competition and so uh hence uh competition is for losers uh something we'll be talking about today I'd like to um I'd like to start by saying something about um the the basic idea of uh when you start one the companies um how you go about uh creating value and there's…