Traditional business owners can not understand the power of social commerce and 21st century trends. No. Not unless they intentionally seek to understand and be open to ideas. Not unless they seek association of leaders who have done it!
Some forgetful facts…
Blockbuster refused to buy Netflix for $50 million, Netflix is now worth $83.4 BILLION. (And where is Blockbuster?)
MySpace rejected Facebook’s original purchase price, Facebook is now worth $519 BILLION. (And where is MySpace?)
George Bell, then CEO of Excite, refused to buy Google for $750,000, Google is now worth $717 BILLION. (And where is Excite?)
Ross Perot refused to buy into Microsoft for $60m million, Microsoft is now worth $647.5 BILLION. (And where is Ross Perot?)
This isn’t the first time that a company missed out on an opportunity that could have shifted continents of the business world. There have been other bitter “what ifs” including: Verizon shunning Apple for the first model of the iPhone, Comcast foregoing Disney, Friendster refusing Google, and AOL merging with Time Warner instead of AT&T.
Perhaps the company that made the biggest blunder in tech history is Yahoo, which had chances to buy both Google and Facebook.