Get used to this, because you are going to see this happen a lot:
- New entrant to market finds way of doing something an order of magnitude more efficiently.
- Incumbents laugh at new entrant; point to their own years presence in field and talk about the immense value of experience.
- New entrant starts to eat market shares.
- Incumbents look on paralyzed not quite believing what is happening.
- New entrant takes #1 spot in market.
- Incumbent desperately tries to mimic the superficial aspects of what new entrant does without actually addressing the underlying substance.
- Incumbent fails at mimicking new entrant, tries to sue new entrant. Fails.
- Incumbent is irrelevant. Shrinks, gets sold or goes bankrupt.