Creative destruction

Capitalism thrives on Creative destruction. A concept shared by Schumpeter, an economist.

According to Schumpeter, the “gale of creative destruction” describes the “process of industrial mutation that continuously revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one” [source

If we look back, see the history, we have many examples in front of us. From telegraph replaced by telephone. To black and white films replaced via color pictures. 

Our habit of not changing or not letting go of our cash cow for innovating in newer emerging technology killed Kodak, Blackberry, BlockBuster to name a few.