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Elon Musk implemented several innovative ideas to make SpaceX a low-cost supplier in the space industry. One of the key strategies was the development and use of reusable rockets, which significantly reduced the cost of each launch. SpaceX's Falcon 9 and Falcon Heavy rockets are designed to return to a landing site instead of falling into the ocean after each launch, unlike traditional rockets. This reusability factor drastically cuts the cost of space travel. Another innovation was the in-house manufacturing of most of the rocket components, which helped SpaceX to control costs, quality, and supply chain. Furthermore, SpaceX's approach to constant iteration and improvement of its technology also contributed to cost reduction and efficiency.
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SpaceX made a name for itself as a low-cost supplier in the industry. But that alone was not enough to win in the space business. Musk also had to navigate the politics, favoritism and protectionism that undermined the fundamentals of capitalism. Steve Jobs faced similar challenges when he took on the music recording industry to bring iTunes and the iPod to market. However, compared to Musk's foes who built weapons and countries for a living, Jobs's challenges may well have been a "walk in the park."
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Elon Musk's ascension has been described by experts as the fastest bout of wealth creation in history. So how did he do it? In this book, the inventor...
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