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Category: Chamber Corner Chamber Corner
Published: 02 March 2022 02 March 2022

Back in the 90s, a kid couldn't throw a rock without hitting a Blockbuster Video store. They were everywhere, ushering in a new era of choice for American consumers when it came to entertainment. The stores were packed with people, eager to rent the newest releases or find an old favorite. Today, the video store shares space in the dustbin of history with the telegraph and steam-powered cars. (Yes, the Stanley Steamer was an automobile with a steam engine.)

It might sound a little tragic to hear about the demise of an entire industry, but there's nothing sad about it. It's the way things are supposed to work. Ever since the United States has become a service-oriented economy, new ideas have moved the country along. Every day, new jobs are created while old jobs are become obsolete. This creative destruction is due to entrepreneurs actively searching and creating new technologies that fuel this continuous cycle.

The death of the video store can be traced back to the technology that drove it. The Videocassette Recorder, or VCR, relied on magnetic cassette tapes that required rewinding. Video stores charged late fees and rewind fees for lazy customers, and one man got tired of paying them. The result was Netflix. What started out as a mail-out service for DVDs has evolved into a streaming service, ushering in even more choices for American consumers when it comes to movies and television shows. The video store's death resulted in something far, far better. With streaming services came even more avenues for creators to bring their works to market, and that means more choices and better programming for everyone.

Entrepreneurship can be a double-edged sword. Disruptive technologies often upend established industries, and unfortunately, some people lose their jobs. But the benefits that these risk-takers bring to the table far outweigh the drawbacks. Just ask anyone over the age of forty if they'd rather go back to rewinding their copy of Raiders of the Lost Ark, or just click a button on their remote and get any movie they want.

Somewhere in America, possibly in Grant County right now, somebody is looking at an established industry and saying: "I can do that better." It's important that, as a society, we create an environment and offer support that gives that young entrepreneur the opportunity to prove it.