David was giving his pitch to Goliath on why he should invest and partner.
This deal had to work. David’s company was in trouble. It was three years old and still hadn’t turned a profit. He knew he was onto a sound idea but it was just ahead of its time. He needed a partner with deep pockets and the same long-term vision.
But before David could say another word, Goliath stood up, signaling the end of the meeting. He told David, “Don’t you realize that dotcoms are crumbling all around? This digital thing is never gonna take off, your business is already finished — you just don’t know it yet. You might need us, but we don’t need you.”
David had tried to get the largest business in his industry to buy half his business. But lucky for him, Goliath laughed him out of the room…
(Scroll to the bottom to read the rest of The Story!)
Ian sat down with Sean Sheppard, a serial entrepreneur and the founder of Growth X.
In this episode of The Mission Daily, Sean shares his successes and failures from being an entrepreneur, how to prepare for jobs that don’t exist, and what skills you will need to develop for the 4th Industrial Revolution.
“We now live in an era of applied technology. It’s never been easier to get a product to market and, as a result, it’s never been harder to sell it.”
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The Story (continued)
…The Goliath was Blockbuster, who owned most of the movie rental industry.
Blockbuster’s CEO had laughed at David’s pitch and sent him on his way.
Despite the humiliation, David knew he was onto something big. He could sense where the market was headed.
Finally, his company caught a break. New, lower-priced DVD players were created, and consumers started snatching them up.
Soon DVD use surged, so did David’s business, and just two years after the meeting with Blockbuster, his company went public.
That company was… Netflix.
David in this story is, of course, Reed Hastings.
Reed never lost his long-term vision. He knew that consumers would switch from VHS to DVD and that they’d want the DVDs delivered directly to their home. And he knew that eventually Internet speeds would improve and streaming would become the preferred viewing experience.
There were many times in Netflix’s early days where it was a David, vulnerable to Goliath.
Instead of competing directly with Goliath, they tried to collaborate. When Goliath tried to kill them, they stayed focused, again, ignoring the competition. Reed could have made the misstep of opening stores and trying to become more like Goliath, instead he kept playing 3D Chess and started to prepare for streaming and original content.
Now Netflix touts 125 million subscribers worldwide.
So if you’re David trying to partner with Goliath, don’t worry. Goliath might need you far more than you need them. If you’ve seen the future and know what will happen, at a certain point you have to stop trying to convince others and just go out and build it.
To learn how you can pursue your vision for the future, we invited on Sean Sheppard. Your work today will create the jobs, companies, and culture of the future. Will your impact be a positive one?
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