Thursday, June 17, 2010

Cork Competition

Benjamin Franklin claimed that "in the world nothing can be said to be certain except death and taxes." I think we should add competition to the list. The previously cozy natural cork market is now fighting competition from plastic corks.
The story of how Nomacorc and other stopper upstarts broke the centuries-old cork monopoly is a lesson in how innovation, timing and hustle combined to exploit an opening in a once airtight market. It shows that any dominant industry can be vulnerable to competition, especially if it grows complacent about its position.

1 comment:

  1. I got it right, but my econ prof was once a G man.