Knowledge As a Source of Competitive Advantage - Innovation Strategy And Competitive Advantage Video
I talk about knowledge as a source of competitive advantage for a firm. Competitive advantage is something that is unique to a firm that allows it to perform better than its rivals.
I would suggest that knowledge is an important source of competitive advantage for startups but also are helpful for large more established businesses.
Knowledge is a set of ideas that the firm can get access to, if needed. There are two sources of knowledge. There is internal knowledge, which is knowledge that is contained within the minds of personnel, routines of the organization, and the culture of the organization. There’s also external knowledge, which is knowledge that others give to the firm, such as their customers, their users, or their suppliers. In order to exploit this external knowledge, firms require internal knowledge (absorptive capacity) that can be used to absorb and make sense of the external environment.
How can you use knowledge to gain a competitive advantage for the firm? Central competitive advantages that a firm possesses is usually due to tacit knowledge that is difficult to explain. Tacit knowledge is knowledge that is difficult to codify. I would suggest that you build on your knowledge resources, and leverage these resources as much as you can. Invest in your people through giving them funds for continuing education, nurture their interests in some for of specialization, and encourage external people to help you out.
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As a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
r3ciprocity.com: Peer proofreading and editing platform
A new platform where you can earn credits by editing other people's documents. Use these credits to have your own work edited. If you do a good enough job, you can convert these credits to money.
The goal of the platform is to get people to 'pay it forward' and help other people out by creating incentives for people to give back.
Check out https://www.r3ciprocity.com
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About the Site 🌐
This site provides links to random videos hosted at YouTube, with the emphasis on random. 🎥
Origins of the Idea 🌱
The original idea for this site stemmed from the need to benchmark the popularity of a video against the general population of YouTube videos. 🧠
Challenges Faced 🤔
Obtaining a large sample of videos was crucial for accurate ranking, but YouTube lacks a direct method to gather random video IDs.
Even searching for random strings on YouTube doesn't yield truly random results, complicating the process further. 🔍
Creating Truly Random Links 🛠️
The YouTube API offers additional functions enabling the discovery of more random videos. Through inventive techniques and a touch of space-time manipulation, we've achieved a process yielding nearly 100% random links to YouTube videos.
About YouTube 📺
YouTube, an American video-sharing website based in San Bruno, California, offers a diverse range of user-generated and corporate media content. 🌟
Content and Users 🎵
Users can upload, view, rate, share, and comment on videos, with content spanning video clips, music videos, live streams, and more.
While most content is uploaded by individuals, media corporations like CBS and the BBC also contribute. Unregistered users can watch videos, while registered users enjoy additional privileges such as uploading unlimited videos and adding comments.
Monetization and Impact 🤑
YouTube and creators earn revenue through Google AdSense, with most videos free to view. Premium channels and subscription services like YouTube Music and YouTube Premium offer ad-free streaming.
As of February 2017, over 400 hours of content were uploaded to YouTube every minute, with the site ranking as the second-most popular globally. By May 2019, this figure exceeded 500 hours per minute. 📈
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