Earlier in the week, Netflix awarded a $1 million prize to a group of people who had successfully created software that couldĀ serve millions of movie-watching customers better. The competition spanned three years and, in the end, only two teams were able to achieve the goal of the contest. To read more about the contest, read this New York Times post.

This widely publicized competition, deemed a success by Netflix brass, made us consider the value of competition in business and the strong feelings Sir John Templeton on the subject. Here are some of his thoughts on competition:

“You can gather a tremendous amount of experience and useful information quickly either by engaging in competition or observing others competing.” From Worldwide Laws of Life

“Progress thrives in the context of fair and fully open competition.” From Possibilities