"As you craft a plan to expand to adjacent markets, don’t dis..." — Peter Thiel

Quote
Catalog

As you craft a plan to expand to adjacent markets, don’t disrupt: avoid competition as much as possible.

— Peter Thiel and Blake Masters

Zero to One

Competition Business

More from Peter Thiel

View all quotes

Quote
Catalog

The alt-right leaders are the most like Gawker.

Quote
Catalog

We have this ideological understanding of conflict, where we say it happens when people…

Quote
Catalog

There are all these ways that things have fallen short. It’s still better than Hillary…

Quote
Catalog

I thought supporting Trump was one of the least contrarian things I ever did. Half the…

           WKM               &WK             W W         M      W      WWW WKW          W W            W           W       W K&W  WM  &WK  W
           W&W W WKW W WKW    W  W WKW WMW   W W WWW W W WW WWW  WW&   MW   &W   W W W &W WW W W W W   W W W  WW   W W W   M W&MWMWKW  W   W W WK
           W   W WKW W W W    W  WW &K WKW   W W WKW W W WW  MW  MMW   MWW W W   W W W MW WW W W W W   W W W WWW&  W W W   WK&&W  WMW W    W W WK
                                 WK

            WWM W        W                              W           K               KWW KW W&&          W &                         K               W
           W  W W WW W&W W W&W  WM   W&KMW MWW W&W WMKW&W    WM W&W W W W WKW W&W   WW   W WKM   WMW&W  W WW W&W WKW   W W WW&WW W& W W&W W&W    KW W&W WMW
           W  W W WWKW&W W WKW  WWK  W WWWKW   W W W W  W    WW W&W W W W W W W W   &WWW W M W   W W W KW WW W W W W   WW WWM&W  WWWW W W W W     W W W W&W
            K&    KK  K     K   K        K  KK  &            K   K            WWW    W      &                 &             K     K    &      W   K      M

           MWW                        MM                                 K   W
           W   WM& WW WW WM  MW W W   W W WM WW   &MW M W WW W W W WMM W&W  KW WM WW &WWMW   MWW W&W W W&W W WW  WWW  MMW W W W W&W W   W WWW   WMM  WMWW W W W WW&W  W
           W & WKWK& W & W&W MW WMW   W W W MKW&  W W WWKW  WW WMWKW WWK W   W W W  WW &K W  W   W W W W W WW  WW  W  K&W W W W W W W   W W WM  W W  WW  WKWWWW W&W WW
           W   W&M   M W W&K MM  W    W&M M  MM    MW  W  WW    W  MM  WMM   M M  WW          WW W&W W W&M   WW  WWW   MM W KMW M M W   M  WW   W  WWKK  & W W  WMW WK
                                K                                                                                K                                                  K

            WW W& WW M W M WW   M  M&   & K MM W    WKWW WW   W W W W W W WWW   WW WW WW   M W MMW   KWM WMW   WKW M M W&  MM     W WW  WW  WW  WW MW
           W   W W  WWWWWWKM W  W W W WWWW W W W    W W  WW    W  W MK MW W MW  W WWKWKK W WKM W WK  W W W W   WW& W W WW W W     WWWKWW  WW  WW&MWW
           WWW W &WW  W W    W  W W&W && W &MW W W  & KW WW   WWW WWW WWW KWW   W  WWK W WMW   W &   WMW W W   W M  W  WM MMW   WWK WMK&  WM  W WW W
                                W                                                                                  M

            & MW&  KK W&WW  K     K    W  KW WK   & WW      &   M   &     &WM    K  & W W &    &    WWW WMM WWW    K K  WW W W &K   &     W  &   M  K& WWM    WW
           WWM&W W WW&W M WWMWWK WKW W W   W W W W&W W  &W W&W W K W W W W W&  WKW WW W W WM  W&W   KWW MKW W  W  W W W WM W WW  WW MW    W W&W W KWK WWW W   WW
           WMW&& WWWWMWW W WM W  W&M W&W   W W W W&W W  && W&W WMW WMW W WMW&   W W W WKW KW  WKW   WWW WMW WWW   W W W WM W WMWWKW  W  WWW W&W WWW WWWWWWW  WWWW


           &WWW                       M M
           W    W W     W &WW WWW WWW W WWW&WWWWW
           WWMW W W W   W &WK WKW W&W W WWM&WW  W






                                                                                           &KKKKKKKKKKKKKKKKKKKK           KK&&MM&M&KKKKKKKKKKKKKKKKKKKKKKK&&&&&&&&&K

              } } }         }      *  * *   *     *   * *  * *    *               * *       } *             * *       *         }             }
              }           *     }           }       *   *  }          }                             *     *         }                 *
                                                    *   }      }              *                           *         }                       }
           }   }  }  } } *    *     *   **   }}      * *   } *    }         }    * * *  * *   }  * *    *  *  *    * * *   *  }   **        } }

                                                                         }             *                    }                        }
             }      *   * *       }           }   *            *         *                                  *                        *
               } *                          * *             }      }     }   }                *             }                  *             *   }
              }              }                 *                      *          }              *     *}     *      *                 }
                                                                               *
                      **             }                        }                                           }
                        *      *                                  }           *                                            *       }
                               *                          }                                    *          }       *
                                                      *     }                    }  } }                     }

                                 }                            }     }                                                    }
                                 }                                                }                               }      }                    }}
             }                       }                 }   *               }                                }            }
              }                  }              }                                       }                   }         }  }     }   *     }

                                                                                    *                                   }    }
                                   }                       }         }*  }                         }                                                      }
                }                                                                                                           }  }
                                    *     }           }           }                                                                }


                            *  }   }   }  *}   }
                   }                   }
                   }             }
                    }          }    * } * *}    ***





             }}        }}}}}}}}}}

                                V             U                       j               jo   o                              U j    o  VV
                o   U U               j       U       V         j        o      j U V V     o V j V     o   Uj  V     V     V                 U
              j     U     o                 j o V          VU         V     V   j     V     o V o   o   o                       UV            U
                                                                        U

           o                  oU                                      U U                             oo   U                                      U
                 j            VU          U               ojo      o j U         j    o         j     VV              j   V     j  o
            Vo          j U    j             o    U   U   Uo   U                 j              j     U         o   j    j           j   o    j        j
                U      U V o     U   V  U        V V  UVV     U   U jV Uj V V       j V  V o j   o V V  V oj   o V o    U  U  o  V  o   o U V      jU U o o

              j                         V                    V                o                      j     V              j         o   o
             j    V  U     Uo        U      o  j     j   j  V V                  V  V     o         o     j o  oV        j           j j j         oj    V           U
            U j       U o   j        U j           V j        V     U                 j  U        U     U                                          oo  jV      o
                  oV    j   j        j      V  o  V          Uj      U               U VooU  V        j    U    V     U    o         V   VU       j    jj     jj
                                                                                                                  U                                                U
                                o              o    j          V   V   Vj  oo                                  o  j    jV         o
           U     j        j  o    V  jVj   o            j      j   j j o j   V       j  oU  o V                       j   V           oU  jU         V
                   o             j V      j V j      U  V       U                       U               U           o      V o oo       Uj  Vo
                    j     UU            j            V  U  j             j   j    j   o     VU    V               U                     V   jj V  o
                                                                                                                    V
                                                                                                     U
           o j             U  jUjj   VU     j  j V      jUV  o o o V   UV      V   U U V U    j o              o  V o V   U j     VU        V j V j          o  o
                  o      U      j   U     j         V         V   U   V           V  V   o                    U           V     o  V    j      V             V  U
                        U V  V j            j   j   j                 V        U     U             j   j       j          V j       U              U
                                                                                                     j

                 j       j           o
                 U     V U   j       V
                 U     V U             j      jj UV
             j   j       j





               jjjjjjjj          jjjjjooooojjjjjjjjjjjjjjjjjjjjjjjjjooooooooojooooooojojo                       UUUUUUUUUUU                                          U

    K             M   K     &     K M         K     &

                                  M      &                   K

               &
                                             K

             K                                K
                                        K                      K
                                      K K               K   K  M

            &   K


                                                    K
               WW       &W  K        &          M KKMW&      K&MMWWK
                         W MWWW   W            KMKWM   K
                         WWWWWK WWW  &          &  KK&
             W           WWWWWWWW&   &    WWWW     K  &
                        WWWWWWWWWWW  K    WWWW          &&&&  &
     WWW W              WWWWWWWWWWW  KMWKWWWWWWKWM  K K &M&&K&&K
       WWWW             WWWWWWMMWWW   WWMWWWWWWW W         K   K
     WWWWWW            WWWWWWWWWWWW   WMWWWWWWWW&M         &WK K K&
      KMWWWW    W     &WWWWWWWWWWWW       &WWWW     K     WWWMK
        WWWWW   WW   WWWWWWWWWWWWWW         WW      WWWM &WW&KMW
         WWWWW  MW   WWWWWWWWWWWWWW                  MWWM&K    K  KM
         KWWW        WWWWWWWMWWWWWW      KMWWWWWK       &MWKK  W   M
          WM    &W&WWMWWWWWWWWWWWMW     KWWWWWWWM       &KK    K  K
         &MM   MWMWKKKK&WWW&&KK&&MW     KWWWWWWWW              MM K

           .                   :
    ,   .       :  .: ,.:         , ,.,. :.   :   , :  .:
              .        :         :
    , ,  , :   . ,: ,,  : :,, .  .  ,:... .  ., , :.:  ,   ,
                      :  :            ,       :   :  ,
        :  :     :   ,    :   , : , .          :   : ,
                 : ,   ,            ,  .:     ,

    :  ,: :: :.    .: .: :,  : ,,   ,        . ,   : .   ,:
                               :
      .,  .,, . :,,
        ,           .


    .,::,,,,,,:   ::,,..   ..   ...
    : :::::::      :,:,.
    ::,:,,,,,,: ::,,,.,
    : ::::::, .:,,,,,.. ,                                 .    ,
    ::        ,.,,,,..             :                         ,
    , ..      :.,,,...,,                       :   .
        ,  :  :,.    ,
    ..         :,,,                 .
            ,  :,:   ,              :
     ,      :,.     :               .          :
      .             .               .     .   .
    ::,,                            .     ::  ,.  .
    ::,::           ,               .
    ::: ,                           .             :
    ,   ,                           ,  .

     }    *  * <     } * *   *  }  } <     <         *  }
       <     }    ~       ~ ~ ~             <            ~
        }}  }*   *~}}*  }}    **<   }}~ * } *}<<<  ** } <
     * <~ ~  <  ~  *  <  ~   <  } }      ~ ~~    <   <~ * ~ <*
     * *<} <<<   ~   } *  } < * <**  *   < ~~} * * }   <~<}~}  < *}
    <  < *  <  }*     ~*}< <<~ ~ * < << ~} ~~ ~ }*} * ~<~~~}~< }  <
    <~**~~*< }~~* }   <   ***   *< ~ *}  ~}  *  <*   <*<}~<*
    }~* } *~  }}   ~  *   << <  < }*}<<<<<<~<< ~*  }  < <  ~
     <}     ~    *   *  ~  ~~ *  ~}}  ~  ***< <  << ~  <~  <}<
    } }     <    }}  }**    *      **~   } }*<*< } }**~}  ~     }
    <*         <
     }    <       }


                 ~      <<          <        }}}}*
     ~       ~<  *~        *  <
               ~        } <    *    <                             **
     ~                         <   ~}                    ~  }   }*
      ~~ ~*                       ~ }          }        < *}~ < } *
        } ~*}}                     *<               *          *<
          < <~                      ~                           }~
            ~~~    ~   ~
             ~<   *~<                                }        }
    <             <<                 * * <      ~ }<    }         ~
    ~~       }    }<                 *<    <   ~  }
               }  *                  }~*}       }* <
             <  ~                     ~           ~} }        *
       ~                              }~           *}~*       *
     ~~~    }                         *          }} * }       *    }

      Vjoj  U o V  oj   j V   V  j    jV Vo U  j UUU  jj j

    oUjV  Uo   jV     V   oojU     o   j   V     Vj  U j  VUo
                               j
    U o   j     o o o   V  o j o   j   oj V     j   o j      jj U
      V   o  V    o j                  o  j                   V UV
                     U   o   oU   j         j  j    o
       j o      jjj  o j V  o j  U               V  oo o jj
         j     o  j                             o
     V ooVVo VoV   VV   Vjjo jj Uoj       j     U V      o o o

    o oo j j VUo o o


               jU                    ojjjjjjj     oU ojjoooooooVVVj
                             j U    j UUUUUVVVoo U     VUUUUU
                                 V V UVVVVVVooo     jUU UUUUUVojoj
             j                        VVVVVojojo jj   Uo          oV
        j  jU           U             UUVV    j Voo VV V         o V
     V   U                            VVVV    U      jjU    oU   joV
    o                              U              oU V U          oo
      j             oo             o o          U UUoUVUVUU UVV jjoj
    o      j                       j V            jjo oUVoU     o  j
               j V   o             o  U j        j   ooV U     oVo
       o       U                   o   UUo      UV o    o       UoUV
        V                          V     j  VV      V      UVUj oV
                 U                 V j  o        V  o VU     U  oUU
         o  o                      U o           o     V   UVV  oV V
              U                    o j             j j oVVUojj   j