Extended exposure to persistent And in examining disruptors, we see disruption comes with serious casualties, competition increasing as venture- no matter the industry. Between 2011 and backed companies (amongst others) take 2018, 3,217 U.S. companies from across market share. Aggregate VC funding 4 across all industries increased almost the 18 sectors went bankrupt. Retail, which has been in the period of 5-fold between 2011 and 2018. 83% Volatility throughout 2011 to 2018, was hit For example, both the Consumer Goods of industry sectors especially hard, with 43 corporate and Services and Retail sectors, we analyzed spent bankruptcies recorded in 2018. Examples experienced more than a 30 percent at least five years in range from 125-year-old Sears to Nine increase in their level of disruption 5 between 2011 and 2018. This was based the same period of West , which is exiting its struggling shoe disruption between business, having missed the shift to on an almost 500 percent increase in the athletic shoes and sneakers. number of unique VC deals between 2011 and 2018. As these companies discovered firsthand, 2011-18, with total VC funding of just disruption is measurably on the rise under $12 billion in 2018. (Figure 2). Looking at incumbents, we find evidence of volatile and declining financial performance, with average 5-year revenue growth lower in 2018 than in 2011 for 10 out of 18 industries. 9 BREAKING THROUGH DISRUPTION