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

Lecture Transcript: http://www.tech.genius.com/Peter-thiel-lecture-5-business-strategy-and-monopoly-theory-annotated

Peter Thiel, founder of Paypal and Palantir, discusses business strategy and monopoly theory in “Competition is For Losers”.

See the slides and readings at http://www.startupclass.samaltman.com/courses/lec05

Discuss this lecture: http://www.startupclass.co/courses/how-to-start-a-startup/lectures/64034

Chapters (Powered by https://bit.ly/chapterme-yc) –
00:00:00 – Introduction
00:00:50 – Outline
00:00:57 – Capturing value
00:01:57 – Big piece of a small pie
00:03:37 – Perfect competition
00:04:31 – Monopoly
00:05:33 – Lies people tell
00:05:36 – Differences underestimated
00:06:59 – Narratives
00:07:54 – British food in Palo Alto
00:08:40 – Do the intersections make money?
00:08:45 – Blockbuster movie
00:09:29 – Is the intersection valuable?
00:09:35 – Startup version
00:10:11 – The search market
00:11:00 – The advertising market
00:11:29 – The technology market
00:12:36 – Evidence of narrow markets
00:13:28 – How to build a monopoly
00:13:39 – The right size
00:14:36 – Start small and expand
00:17:05 – Start big and shrink
00:18:40 – Last mover advantage
00:18:45 – Characteristics of monopoly
00:27:10 – Value of the future
00:27:55 – History of innovation
00:28:28 – Technological innovation
00:30:16 – Capturing value
00:31:59 – Success cases
00:37:03 – Psychology of competition
00:38:14 – Mimetic preferences
00:38:33 – Competition as validation
00:42:22 – Q&A
00:42:26 – Q1
00:43:01 – Q2
00:43:38 – Q3
00:44:34 – Q4
00:46:40 – Q5
00:47:55 – Q6