Harvard Business School Professor Clayton Christensen stood before a group of Intel senior managers in September 1997 to tell them how upstarts capture business from established firms. Low-cost steel minimills, he said, stole 40% of the business from stalwarts like Bethlehem Steel and U.S. Steel by starting in the junkiest market segment, reinforcing bar, and working their way up from rebar to sophisticated sheet steel. Christensen showed a slide depicting the trend.
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