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Former Intel CEO Andy Grove warned in his book “Only the Paranoid Survive” (1988) against the “inertia of success.” It’s what venture capitalists often refer to as a competency trap. Businesses that succeed at one thing can get swept away by technological and market changes if they don’t evolve.
Thus explains Amazon’s recent bids for iRobot, maker of the Roomba vacuum cleaner, and One Medical, a network of primary-care and telehealth providers. Contrary to what some of its critics claim, Amazon isn’t trying to pry into every nook and cranny of your home and health records. It’s merely striving to keep up with fast-moving markets and technology.
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