“Structural uncertainty is simple. The game itself is in question. The playing field is in question. You’re no longer playing with uncertainty inside the rules — the rules are the thing that’s moving.”
Rita McGrath wrote The End of Competitive Advantage and gave us transient advantage. Sangeet Paul Choudary wrote Reshuffle and won the 2025 Thinkers50 Strategy Award. Aidan McCullen puts them in the same room to ask a question neither can answer alone: in an age of AI, is advantage getting shorter, or are a small number of firms locking in something far more durable by making the rules everyone else has to play by?
In this conversation, Rita and Sangeet reveal:
- Why the two founding assumptions of strategy — that industries have boundaries, and that equilibrium is normal — are now absurd
- What Carlota Perez’s turning point framework says about where we are, and why data and intelligence are the new oil
- The investor who always bet against Netflix, and the one thing he never believed the film studios would be stupid enough to do
- How Netflix beat Blockbuster before streaming existed, by serving local demand with national supply
- Why Tesla went vertically integrated in the decade everyone else preached openness
- How Reliance Jio commoditised its own cash cow, took 400 million users, and collapsed an industry from 17 players to three
- The difference between a rule maker and a rule taker, and why rule takers are condemned to run from one transient advantage to the next
- Why roughly 93% of corporate assets were tangible in 1975 and almost exactly the reverse is true today
- How Binah.ai deleted the blood draw, the lab, the chemicals and the actuary from life insurance pricing
- Sangeet’s test for anyone using AI at work: are you working for the model, or is the model working for you?
- Why translators are now paid half as much to do the harder half of the job
- Rita’s SDSS times two: stop doing stupid stuff, then start doing smart stuff
00:00 Sponsor Message 00:25 Strategy Rules Rewritten 01:26 Meet Rita and Sangeet 03:22 Strategy Origins and Transience 05:25 Turning Point in Capitalism 07:25 Capabilities and Competitive Insulation 10:38 Platforms and Network Effects 16:09 Seeing Hidden Advantages 21:14 No Silver Bullets in Strategy 27:38 Policy and Regulation in Transition 32:33 Social Unrest Warning Signs 34:35 Outsourcing Strategic Lens 36:40 Structural Uncertainty Era 38:41 Reliance Jio Rulemaking 42:17 Challenging Strategy Frameworks 44:04 Beyond Five Forces Today 48:26 First Principles Over Models 54:07 Learning Discipline In AI 58:15 Make AI Work For You 01:03:16 Wrap Up And Resources
About Rita McGrath Rita McGrath is a longtime professor at Columbia Business School, a Thinkers50 top-ten management thinker and winner of their number one award for strategy. She is the author of The End of Competitive Advantage, Seeing Around Corners, Discovery-Driven Growth, MarketBusters and The Entrepreneurial Mindset, and she hosts the Thought Sparks podcast. https://www.ritamcgrath.com
About Sangeet Paul Choudary Sangeet Paul Choudary is the founder of Platformation Labs and the author of Reshuffle: Who Wins When AI Restacks the Knowledge Economy, winner of the 2025 Thinkers50 Strategy Award. He co-authored Platform Revolution and wrote Platform Scale, and his work on platforms has been named by Harvard Business Review as one of the top ten ideas in strategy. https://reshufflebook.com and https://platforms.substack.com
About the Host Aidan McCullen is the 2025 Thinkers50 Innovation Award recipient, keynote speaker on AI, disruption, innovation, and change, host of The Innovation Show, and author of Undisruptable: A Mindset of Permanent Reinvention (Wiley). https://theinnovationshow.io/about-aidan-mccullen
This series is brought to you by Kyndryl, who run and reimagine the technology systems that drive advantage for the world’s leading businesses. With a unique blend of AI-powered consulting built on unmatched managed-service capability, Kyndryl helps leaders harness technology for smarter decisions, faster innovation, and lasting competitive edge. Learn more about Kyndryl and the Kyndryl Institute at https://www.kyndryl.com.
Subscribe to the Thursday Thought on Substack for a chance to win a copy of Reshuffle, with thanks to Kyndryl: https://thethursdaythought.substack.com
About The Innovation Show: the Thinkers50-recognised podcast where square pegs find their place in a world of round holes. Hosted by Aidan McCullen, author of Undisruptable, it brings you conversations with world-class authors, scientists and practitioners on disruption, innovation, change, transformation and leadership.
Website: https://theinnovationshow.io
Apple Podcasts: https://podcasts.apple.com/ie/podcast/the-innovation-show/id1148455669
Spotify: https://open.spotify.com/show/63nFKf4bsSWo3W72gWtOsK?si=b62d9614237c4450