In 15 years from now half of US universities may be in bankruptcy ... in the end I'm excited to see that happen. So pray for Harvard Business School if you wouldn't mind.

The mistake managers often make is defining their industry too narrowly. Digital's market share in the minicomputer market stayed very robust even as it fell off the cliff. Disruption seems to come out of nowhere, but if you know what to look for, you can spot important developments well before the market does.

Generally, the technology that enables disruption is developed in the companies that are the practitioners of the original technology. That's where the understanding of the technology first comes together. They usually can't commercialize the technology because they have to couple it with the business model innovation, and because they tend to try to take all of their technologies to market through their original business model, somebody else just picks up the technology and changes the world through the business model innovation.

There needs to be conviction and action behind rules.

Justification for infidelity and dishonesty in all their manifestations lies in the marginal cost economics of “just this once.

There are other dimensions of biotechnology. If you think of biotechnology like the Internet, it's not a category - it's an infrastructure that can be deployed to sustain or disrupt. In health care, the most complex problems at the high end have to be dealt with in a problem-solving mode by the best, most experienced physicians you can find.

If you study the root causes of business disasters, over and over you'll find this predisposition toward endeavors that offer immediate gratification.