Gene Friedman, better known as the “King of Taxi’s” in New York City, had it all just a few short years ago. He really did.
He owned more than 900 taxi cab medallions, EACH worth more than $1,000,000. Life was good.
Then it happened. It didn’t seem like much at first.
Just a bunch of unlicensed gypsy cabs. Nothing to worry about, right?
But the noise got louder and louder. Soon, it turned into an avalanche.
It happened so fast. No one took it serious. Especially Gene Friedman.
Gene Friedman got run over and didn’t even see it coming. He was forced into bankruptcy and his once thriving business is now in shambles. It gets worse… he was just indicted on four counts of criminal tax fraud and one count of grand larceny.
So what happened?
It’s called “digital disruption”.
Digital disruption is the change that occurs when new digital technologies and business models affect the value proposition of existing goods and services (i.e. YOUR business).
Yes, the headlines are scary…
“Digital is coming and it’s coming fast”;
“No industry sector is immune to disruption”;
“One thing is certain about digital transformation: It will be a big change for your entire organization”;
“Digital will disrupt your industry.”
In Gene’s case it was Uber.
To put things into perspective, a New York City taxi medallion recently sold for just $241,000 — less than one-fifth of what the cab-ownership tags were going for just a few years ago.
I know what you are thinking. That kind of thing will never happen to me and my business.
You sure about that?
Gene didn’t think it would happen to him either. He is a very savvy businessman with plenty of smart advisers. He had worked very hard for many years to build his empire – valued at almost a billion dollars.
In just a blink of the eye, technology ran him over.
It’s coming for your business too, and there is nothing you can do about it.
Or maybe there is.
We can help.