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Emerging-market companies have grown faster than companies in developed markets in most industries over the past decade. One big reason is their embrace of digital technologies. Nowhere is the trend toward digitization more evident than among the companies that we call global challengers, many of which are leveraging digital technologies both to win in emerging markets and to compete globally with multinationals. A growing number of global challengers are digital leaders.

These companies are achieving their leadership positions by leapfrogging their developed-market counterparts. Some are innovators in digital technologies—bringing their inventions to market, building major businesses on new tech foundations, and taking share from developed-market competitors. Others innovate in their use of technology to develop new products and services in more traditional industries or to upend traditional ways of manufacturing or delivering products and services.

The nontech companies among the global challengers are using digital technologies to improve operations and overcome many of the physical, financial, and commercial hurdles to doing business in emerging markets, including those related to geography, logistics, and infrastructure.

Global challengers develop their digital capabilities in three main ways: They invest in internal innovation programs and research and development. They pursue partnerships and join digital ecosystems or establish their own. All are proving to be highly productive avenues to digital development. Discover who these companies are and how they are making an impact. Download the full report. Ashbury's new yacht Livonia tons was beaten twice in a row by Osgood's new centreboard schooner Columbia tons , which withdrew in the third race after dismasting. The yacht Sappho then stepped in as defender to win the fourth and fifth races, thereby successfully defending the cup.

The next challenge came from the Royal Canadian Yacht Club and was the first to be disputed between two yachts only.

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The schooner Madeleine Cuthbert filed the second Canadian challenge, bankrolling, designing and sailing the first sloop challenge for the America's Cup in In contrast, the NYYC cautiously prepared its first selection trials. The iron sloop Mischief 79 tons, design by Archibald Cary Smith was chosen from four sloop candidates, and successfully defended the cup. In response to the unsuccessful Canadian challenges, the Deed of Gift was amended in to require that challenges be accepted only from yacht clubs on the sea.

The Deed was further amended to provide that challenger yachts must sail to the venue on their own hull. Irish yacht designer John Beavor-Webb launched the challengers Genesta and Galatea , which would define the British "plank-on-edge" design of a heavy, deep and narrow-keel hull, making for very stiff yachts ideal for the British breeze. This design paradigm proved ideal for the light Yankee airs. In , Edward Burgess repeated his success with the Volunteer against Scottish yacht designer George Lennox Watson 's challenger Thistle , which was built in secret.

Even when the Thistle was drydocked in New York before the races, her hull was draped to protect the secret of her lines, which borrowed from American design. Both Volunteer and Thistle were completely unfurnished below decks to save weight. In , the NYYC adopted the Seawanhaka Corinthian Yacht Club 's rating rule, in which Bristol, RI naval architect Nathanael Herreshoff found loopholes that he would use to make dramatic improvements in yacht design and to shape the America's Cup's largest and most extreme contenders.

Both Herreshoff and Watson proceeded to merge Yankee sloop design and British cutter design to make very deep S-shape fin-keeled hulls. Using steel, tobin bronze, aluminium, and even nickel for novel construction, they significantly lengthened bow and stern overhangs, further extending the sailing waterline as their boats heeled over, thus increasing their hull speed. In a cup-crazed Britain, its four largest cutters ever were being built, including Watson's Valkyrie II for Dunraven's challenge.

Meanwhile, the NYYC's wealthiest members ordered two cup candidates from Herreshoff, and two more from Boston yacht designers. Charles Oliver Iselin , who was running the syndicate behind one of the Herreshoff designs called Vigilant , gave the naval architect leave to design the yacht entirely as he willed.

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Herreshoff helmed Vigilant himself and beat all his rivals in selection trials, and defended the cup successfully from Valkyrie II. The Watson designed challenger Valkyrie III received many innovations: She would be wider than the defender, and featured the first steel mast. This saved 17 tons of displacement, but later subjected the boat to extreme electrolysis after the Cup races.

Valkyrie III lost the first race, was deemed disqualified in the second race following a collision with Defender before the start line despite finishing first, and in turn withdrew from the contest. The unraveling of the races left Dunraven in a bitter disagreement with all parties over fairness of the cup committee concerning claims. After he asserted that he had been cheated, his honorary membership of the NYYC was revoked. At age 58, Hank Haff was the oldest cup winner in the history of the race.

William Fife was chosen to design the challenging yacht because of past success in American waters. The latter had helmed Fife designs [28] in Yankee waters before, and he had shown perfect coordination with his hand-picked Scandinavian crew. Barr successfully helmed Columbia to victory, and Lipton's noted fair play provided unprecedented popular appeal to the sport and to his tea brand. Although upset with the Shamrock , Lipton challenged again in , turning this time to George Lennox Watson for a "cup-lifter": Shamrock II , Watson's fourth and final challenger, was the first cup contender to be thoroughly tank-tested.

To defend the Cup, businessman Thomas W.

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Lawson funded for Boston designer Bowdoin B. Crowninshield a daring project: his yacht Independence was capable of unrivaled performance because of her extremely long sailing waterline, but she was largely overpowered and unbalanced and suffered from structural issues. Lipton persisted in a third challenge in With the aim to fend off Lipton's challenges indefinitely, the NYYC garnered a huge budget for a single cup contender, whose design would be commissioned to Herreshoff again.

Improving on the Independence and his previous designs, the new defender Reliance remains the largest race sloop ever built. She featured a ballasted rudder, dual-speed winches below decks, and a cork-decked aluminium topside that hid running rigging. The design focus on balance was exemplary, but the extreme yacht also required the skills of an excellent skipper, which defaulted choice options to Charlie Barr. Despite the immense success of the Reliance , she was used only one season, her design and maintenance keeping her from being used for any other purpose than for a cup defense.

The extremity of both cup contenders encouraged Nathanael Herreshoff to make boats more wholesome and durable by devising a new rule. Proposing in the same year the Universal Rule , he added the elements of overall length and displacement into the rating, to the benefit of heavy, voluminous hulls and also divided boats into classes, without handicapping sail area. Lipton long pleaded for a smaller size of yachts in the new rule, and the NYYC conceded to seventy-five footers in Lipton turned to Charles Ernest Nicholson for his fourth challenge, and got a superb design under the inauspicious shape of Shamrock IV , with a flat transom.

Barr had died, but his crew manned the Resolute , which faced stiff competition from Vanitie , but went on to win the selection trials, before the Cup was suspended as World War I broke out. The Vagrant arrived on the 8th. Having no radio, the crew remained unaware of the declaration of war. Finding all navigational markers missing, the Vagrant crew attempted to pick their own way in through the barrier reef. David's Battery fired a warning shot to bring them to a halt. Shamrock IV and Erin arrived the next day. The America's Cup was cancelled for that year.

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The Shamrock IV and Erin proceeded to New York, from where the Erin returned to Britain while Shamrock IV was laid up in the Erie Basin dry dock until , when she received some adjustments to her build and ballast, just before the races were held. Despite Shamrock IV ' s severe rating, she took the first two races from the defender Resolute , and came closer to winning back the Cup than any previous challenger.

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The Resolute won every subsequent race of the event. Shamrock IV was never raced again, but the universal rule drew significant appeal, especially in the small M-Class. Believing that the new rule offered a serious opportunity for the British to take the Cup, Lipton challenged for the fifth and last time at age 79, in The J-Class was chosen for the contest, to which were added Lloyds ' A1 scantling rules in order to ensure that the yachts would be seaworthy and evenly matched, given the Deed of Gift requirement for yachts to sail to the match on their "own bottom.

Novel rigging technology now permitted the Bermuda rig to replace the gaff rig.

Meanwhile, Herreshoff's son, L. Francis Herreshoff , designed a radical boat: The Whirlwind , despite being the most advanced boat with her double-ended "canoe" build and electronic instruments, maneuvered too clumsily. The old footers Resolute and Vanitie were rebuilt and converted to the J-Class to serve as trial horses.

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The Enterprise ' s skipper Harold Vanderbilt won the selection trials with great difficulty. When Shamrock V was revealed, she was an outdated wooden boat with a wooden mast and performed poorly to windward. Lipton died in , and English aviation industrialist Sir Thomas Sopwith bought Shamrock V with the intent of preparing the next challenge. To Nicholson's skills, he added aeronautical expertise and materials that would intensify the rivalry into a technological race. Endeavour received significant innovations, but Sopwith failed to secure the services of his entire Shamrock V professional crew due to a pay strike.

He hired amateurs to complete his team, and while the Endeavour was described unanimously as the faster boat in the Cup, taking the first two races, failed tactics and crew inexperience lost her the following four races to Vanderbilt's new defender Rainbow. To challenge again, Sopwith prepared himself a year early. In , Nicholson designed and built the Endeavour II to the maximum waterline length allowed, and numerous updates to the rig made her even faster than her predecessor.

A change in the America's Cup rules now allowed a contending yacht to be declared 30 days before the races, so both the Endeavour and Endeavour II were shipped to Newport, where the RYS held selection series before declaring Endeavour II as the challenger. Meanwhile, Harold S.

Vanderbilt, taking all syndicate defense costs to himself, commissioned Starling Burgess and the young designer Olin Stephens to provide designs. They anonymously produced three designs each, and thoroughly tank-tested boat models of the six designs, until model C was selected for its projected performance in light airs. The resulting defender Ranger was even more accomplished than her challenger, and Vanderbilt steered his last J-Class boat to a straight victory.

The J-class yachts from the s remained the default for the cup, but post-war economic realities meant that no-one could afford to challenge in this hugely expensive class. As twenty years had passed since the last challenge, the NYYC looked for a cheaper alternative in order to restart interest in the cup. The first post-war challenge was in , again from the British.

In , another Australian challenger, Dame Pattie , lost to the innovative Olin Stephens design Intrepid which won again in , to become the second yacht, after Columbia of , to defend the Cup twice. For the America's Cup, interest in challenging was so high that the NYYC allowed the Challenger of Record the original yacht club presenting the challenge accepted for the match to organize a regatta among multiple challengers with the winner being substituted as challenger and going on to the cup match.

This innovation has been used ever since, except for the default deed of gift matches in and Alan Bond , an Australian businessman, made three unsuccessful challenges between and In the cup was successfully defended by Courageous , which successfully defended again in , at which time she was skippered by Ted Turner.

In the Cup was defended by Freedom. Bond returned in for a fourth challenge, complete with a symbolic golden wrench which he claimed would be used to unbolt the cup from its plinth, so that he could take it back to Australia. In there were seven challengers for the cup competing for the inaugural Louis Vuitton Cup , the winner of which would go on to the America's Cup match against the NYYC's yacht selected in their trials. Sporting the now famous Boxing Kangaroo flag and the controversial winged keel designed by Ben Lexcen , the hull of Australia II was kept under wraps between races and was subject to attempts by the NYYC to disqualify the boat.

In the cup races, the Australians got off to a bad start with equipment failures and false starts giving the USA defenders a head start. But it was not to be a repeat of the last years: the Australians came back and, despite a deficit at the start of the fifth race, won the America's Cup 4—3 in a best-of-seven format. This was the first time the NYYC had lost the cup in years and 26 challenges and opened the opportunity for other US Clubs to earn the trophy in future races.

Alan Bond joked that the cup would be renamed "The Australia's Cup". For the first time since its inception the America's Cup was defended outside of the US off the coast of Fremantle. This was a new era for the cup with interest in competing being shown by many countries. Technology was now playing an increasing role in yacht design. The winner, Australia II, had sported the revolutionary winged keel , and the New Zealand boat that Conner had beaten in the Louis Vuitton Cup final in Fremantle was the first metre class to have a hull of fiberglass , rather than aluminum or wood.

The metre class rules stipulated that the hull had to be the same thickness throughout and could not be made lighter in the bow and stern. The other challengers demanded that core samples be taken from the plastic hull to show its thickness. At one press conference Dennis Conner asked, "Why would you build a plastic yacht Chris Dickson , skipper of the Kiwi Magic KZ 7 , took the controversy in stride and with humor, and Conner has since stated his regret over his comment.

Eventually some small holes were drilled to test the hull, and ultrasonic testing was done to rule out air pockets in the construction. The boat was found to be within class rules, and the issue was set aside. Fay ceremoniously lay down in front of the measurer before the samples were taken. In , soon after Conner had won back the cup with Stars and Stripes but before the San Diego Yacht Club had publicly issued terms for the next regatta, a New Zealand syndicate, again led by merchant banker Sir Michael Fay , lodged a surprise challenge.

This was an unwelcome challenge to the San Diego Yacht Club, who wanted to continue to run Cup regattas using metre yachts.

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  6. The court ordered SDYC to accept it and negotiate mutually agreeable terms for a match, or to race under the default provisions of the Deed, or to forfeit the cup to MBBC. They recognized that a catamaran was not expressly prohibited under the rules. Multihulls, due to a lower wetted surface area and vastly lower mass, are inherently faster than equal-length monohulls.

    Conner, however, left nothing to chance and commissioned a cutting edge design with a wing sail, named—as his metre yachts had been— Stars and Stripes. The two yachts raced under the simple terms of the deed in September New Zealand predictably lost by a huge margin. Fay then took SDYC back to court, arguing that the race had been unfair, certainly not the "friendly competition between nations", envisaged in the Deed of Gift.

    Ciparick agreed and awarded New Zealand the Cup. Fay then appealed to New York's highest court and lost. Thus SDYC successfully defended the cup in what observers described as the most controversial cup match to that point. In the wake of the controversies, the International America's Cup Class IACC was introduced, replacing the metre class that had been used since The run-up to the Cup was notable for the televised sinking of oneAustralia during the fourth round robin of the Louis Vuitton challenger selection series , with all hands escaping uninjured.

    The man, Benjamin Peri Nathan, was charged and found guilty of criminal damage and sentenced to 34 months imprisonment reduced to 18 months on appeal. The true measuring stick of a new market trend often appears when customers have a number of credible commercial options to choose from. This emerging class of challenger banks, which largely took root in the UK, will join the likes of Atom Bank and N26, which currently offer products including savings and a consumer credit product, respectively.

    This new category of alternative competition in banking only appears ready to expand further. In the UK, regulators are assessing authorization from an additional 20 to 30 firms , with even more preparing to apply for a license. In the US, the Office of the Comptroller of the Currency OCC also has issued recent guidance for the issuance of national bank charters to fintech companies. The common denominators across many of these challenger banks include strategies that revolve around a differentiated consumer experience, newfound efficiencies, and transparency.

    However, with a flood of new digital-only competitors expected, and a response from traditional banks that includes a hybrid digital-and-branch approach, companies that simply offer digital-only delivery of existing bank services may struggle to differentiate. Success and scale for this new class of challenger banks will more likely be defined by those that best capitalize on their structural advantages, many of which may be borrowed from the technology industry.

    Many challenger banks aim to distinguish themselves with an intuitive and simplified banking experience. In large part, they seek to distance themselves from the staid reputation of the traditional banking industry and appeal to customers with digital-only offerings. These banking solutions are designed to meld into everyday life similar to other social- or commerce-based apps.

    Many offer more streamlined and timely activities such as account opening in a matter of minutes, compared to days with an incumbent bank, to more accurately align with the reality of consumer expectations. Still, fundamentals cannot be ignored when assessing the growth potential for these banks.