The digital age has ushered in a second industrial revolution, with many companies facing obsolescence as rivals compete their businesses away.

For investors, the challenge is to identify those companies that will not just survive, but thrive over the long-term and continue to deliver returns.

For companies, the key is to adapt their business models to the digital age.

However, the business world has never seen disruption at this pace and breadth before. Although there have been other highly disruptive general purpose technologies – for example, the steam engine from 1781 and electricity a century later – their progress was linear rather than exponential.

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