What is Creative Destruction?
- Creative Destruction is the process by which new technologies make some older ones obsolete.
How Do I Remember It?
- Think of Creative Destruction as the cycle of innovation replacing outdated technologies. It’s like upgrading your phone to the latest model, making the older version obsolete
Real World Example
- The introduction of digital cameras made traditional film cameras obsolete.
- Similarly, the rise of streaming services has disrupted the traditional video rental industry, leading to the decline of brick-and-mortar rental stores like Blockbuster.
- These examples illustrate how new technologies can render older ones obsolete, driving the process of creative destruction.
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