 So, a big welcome to ITU World to Rita McGrath, the Associate Professor of Management at the Columbia Business School. Welcome. I'm delighted to be here. First time in Qatar for you? First time in Qatar, yeah. I've just been introduced to the city today. Okay, now look, you've got a book which is quite groundbreaking. The title of the book is The End of Competitive Advantage. Explain what that really means. Well, in strategy for years, we've had this idea that the thing companies want to be going for is a sustainable competitive advantage, not in the environmental sense, but in the sense that it lasts a long time. And the difficulty is that in more and more parts of the economy all over the world, that's just not reflecting reality. So the book is about what would strategy look like if advantages weren't sustainable. So, the peaks and troughs that you refer to in the book, which there was a bigger space between those, that seems to have vanished. Exactly. So, what we used to think of was punctuated equilibrium, so you'd have a big change and then things would settle back to normal and stability was the normal thing. And that would be great until the next big shift. And what we're seeing now is the shifts are happening more and more frequently. And so we can't really rely on things being stable and, you know, the same for months or years on end. It goes much more quickly now. And you have a great anecdote. I saw that on your blog recently as well from Coca-Cola. Right. So one of the big shifts that I write about is we're going from a world in which industry is the primary center of competition to a world in which I think it's arenas. And when I talk about arenas, what we're talking about is a contestable space, which many different players are possibly going after. And so an anecdote, it's an old one now, but it's very fun, from Robert Gazietta at Coca-Cola. And he had all the senior managers in a room and they're all whining about, you know, oh my God, Pepsi's a nuisance and the soft drink business is mature and blah, blah, blah. And he gets up and he says, guys, guys, this is not the issue. The issue is every human being needs approximately 64 ounces of fluid per day to stay alive. And I want you increasing the number of those ounces that are sold by the Coca-Cola company. So the enemy is not Pepsi. The enemy is water and juice and tea. Go out there and conquer more of those ounces. And it's a way of really reframing the arena that you're competing in. And the end of competitive advantage, how does that reflect into the telecoms world? Well, the telecoms world, I think there's two big issues. The first one is that regulation has not really caught up. And when you talk about telecoms, you know, the biggest competitors for telecoms are not telecoms. They're broadband companies. They're entertainment companies. They're, you know, organizations from completely different industries. And so on the one hand, you've got regulation that's very deep on the telecom world, but the real competitor is not necessarily telecoms. That's one big issue. The other big issue is that we're going to be seeing more and more of what we traditionally call telecoms actually reflecting other services. So if you look at who the major competitors are for quote-quote telecoms, you know, it's automotive, it's travel, it's other ways people could spend their money. And so I don't think we've quite yet caught on to that in the terms of what telecoms regulation is all about. And we're here obviously in Qatar, the Middle East, North Africa. There are classes in emerging market and it's a very fast emerging market. How does the lack of that competitive advantage in the future affect those markets as they grow? Well, I think the big issue is are you going to be fleet enough to build temporary advantages and be willing to move on to the next thing. So in the worlds where you don't actually have an established competitor, I think that means it's kind of an open market so anybody can go contest it. And I think that's kind of interesting. And just quickly, 30 seconds or less, we're trying to ask as many people as possible, what single technological development do you think will have the biggest impact in the telecoms sector in the next 5 to 10 years? Wearables. That was much less than 30 seconds and on the money. Rita, thank you very much. Thanks so much. It's a pleasure to be here.