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Business strategy with Hamilton Helmer (author of 7 Powers)
- Hamilton Helmer, the author of the book '7 Powers: The Foundations of Business Strategy,' has advised over 200 companies on how to build and leverage their strategic powers.
- The 7 sources of power are: brand, process power, cornered resource, counter-positioning, scale economies, switching costs, and network economies.
- Power requires both a benefit and a barrier that prevents others from imitating or neutralizing that benefit.
- For tech startups, it’s common to move from counter-positioning to network economies in chronological order
- The first three sources of power are rare for tech companies.
- Power is at the heart of any good strategy. It’s something that gives you a material advantage over competitors that is impossible for them to mimic.
- Power is both necessary and sufficient for success, and there is no amount of optimization that can do it for you.
- Power can come from any source as long as it gives you an unassailable advantage that is impossible to replicate.
- Founders should focus on leveraging their unique strengths.
- The power of networks and network economies can help create a product/service that provides more value because many people are using it.
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