Unrelenting Innovation: How to Build a Culture for Market Dominance

Chapter 6

Fostering Internal Markets

 

Internal markets bring external competition inside so as not be obsoleted by innovators outside.

IN THE LAST SEVERAL DECADES, Silicon Valley may have generated more innovations, start-ups, patents, initial public offerings, and wealth per capita than any other geographic region in the world. In particular, with 1% of the U.S. population, Silicon Valley generates 12% of its patents and 27% of its venture capital.¹ A recent study finds Silicon Valley ranks first among all such ecosystems in the world and in terms of start-ups alone it is three times bigger than the second on the list, New York City.² Moreover, many of these start-ups have grown to become highly successful, fast growing, and very profitable ...