Palo Alto Network is the network security company, who is recenly announced that they have received the prestigious recognition of Frost & Sullivan’s “2010 Global Entrepreneurial Company of the Year Award” for its accomplishments in the firewall market. The company has been growing since its founding in 2005 and they hav some of the leading and most influential industry leaders at the helm. Due to their “entrepreneurial” structure, the criteria which were used to benchmark Palo Alto Networks’ performance against key competitors includes the followings:
- Growth Strategy Excellence
- Growth Implementation Excellence
- Degree of Innovation with Products and Technologies
- Leadership in Customer Value
- Speed of Response to Market Needs
The above criterias include the factors which are compatible with the Austrian Economist Joseph Schumpeter’s definitions ; “new products, new production models, new market and new forms an organization.”It’s also obviously seen from the above criteria’s that; the amount of wealth and speed of creation, the ability to take risks and lastly the possible potential for innovation, which are forming the basic structures of the Entrepreneurial company, the reason why the company has been elected as global entreprenurial is because the company provides and meets with all of these requirements.
According to Frost & Sullivan, customers consider firewall technology to be unchanged and indistinguishable from one vendor to another and this will cause customers to choose their conpany.
An entrepreneurial company can meet the possible challenges by introducing an evolutionary product or market strategy. In other words, providing new product to the market is one of the obvious difference between the Entrepreneurial company and small business. The introduction of a new technology is necessary in order to better protect customers, due to the constantly evolving nature of the threat landscape.
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