31. Substitute Products and Services

The explosion of new products and services during the last decade has created entirely new industries, as well as huge demand for products that didn’t even exist a year ago. Industry lines are blurred. Is a mobile phone in the telecom, mobility, or application industry? The answer is “yes.” And as new platforms and applications enable new capabilities, the mobile phone will touch dozens of industries including education (to deliver training and education on-demand), banking (swipe your phone to pay for coffee), and many other industries.

The future of new companies, even those like Digg and Facebook that are immediately successful by creating millions of users and vast business wealth, have yet to be defined. ...

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