When the functionality of a product or service overshoots what customers can use, it changes the way companies have to compete. When the product isn't yet good enough, the way you compete is by making better products. In order to make better products, the architecture of the product has to be interdependent and proprietary in character.

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.

Efficiency innovations provide return on investment in 12-18 months. Empowering innovations take 5-10 years to yield a return. We have ample capital -- oceans of capital -- that is being reinvested into efficiency innovation.

Disruptive innovations create jobs, efficiency innovations destroy them.

In our personal lives, we have a lot of businesses going on. I have a profession, I'm a father, a spouse, a good member of my community. How much of my time and energy can I allocate to each of those things? What I allocate becomes the strategy I have for my family, and everything else.

Children build self-esteem by doing things that are hard and learning what works.

I'm an optimistic person.

Things happen to us in unpredictable ways, but the effect that that has on the kind of people who we become actually is not only open to chance -- we can influence it in pretty profound ways.

If you develop a product that gets what the customer is trying to get done, you don't have to advertise; people will just pull it into their lives.

The ability to share the gospel isn't a 'gift' that has been given to only a few Latter-day Saints and denied to the rest.

Colleges would compete by adding professors, enhancing programs, or building nicer facilities. So they competed by making institutions better.

Disruption is a process, not an event, and innovations can only be disruptive relative to something else.

The answer is the disruptive innovator, an outsider, who creates a product or service for the non-existing consumer in a non-existing market for almost no profit.

Decide what you stand for. And then stand for it all the time.

There are a lot of companies -- not just Sony and Kodak -- that have spent a lot of money trying to make the quality of the digital images comparable with film. But when you're sending these things over the Internet, they don't have to be high quality.

There are three types of innovations that affect jobs and capital: empowering innovations, sustaining innovations and efficiency innovations.

The principles of disruptive innovation are indeed intended to be guidelines to assist managers both in introducing disruptive innovations as well as identifying disruptive developments in their market.

When a company identifies how to integrate the processes needed to give the consumer a sense of job completion, it can blow away the competition. A product is easy to copy, but experiences are very hard to replicate.

I have been blessed to see visions of eternity; and events in my future that have been important for me to foresee, have been revealed to me.

There's usually some process by which a potentially great idea gets prostituted into something lacklustre, or by which the wrong idea gets put forward.