Columbia Law School Scholarship Archive Faculty Scholarship Faculty Publications 2020 Nascent Competitors C. Scott Hemphill New York University School of Law,
[email protected] Tim Wu Columbia Law School,
[email protected] Follow this and additional works at: https://scholarship.law.columbia.edu/faculty_scholarship Part of the Antitrust and Trade Regulation Commons, Internet Law Commons, and the Science and Technology Law Commons Recommended Citation C. Scott Hemphill & Tim Wu, Nascent Competitors, UNIVERSITY OF PENNSYLVANIA LAW REVIEW, VOL. 168, P. 1879, 2020; NEW YORK UNIVERSITY LAW & ECONOMICS RESEARCH PAPER NO. 20-50; COLUMBIA LAW & ECONOMICS WORKING PAPER NO. 645 (2020). Available at: https://scholarship.law.columbia.edu/faculty_scholarship/2661 This Working Paper is brought to you for free and open access by the Faculty Publications at Scholarship Archive. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Scholarship Archive. For more information, please contact
[email protected]. ARTICLE NASCENT COMPETITORS C. SCOTT HEMPHILL† & TIM WU†† A nascent competitor is a firm whose prospective innovation represents a serious threat to an incumbent. Protecting such competition is a critical mission for antitrust law, given the outsized role of unproven outsiders as innovators and the uniquely potent threat they often pose to powerful entrenched firms. In this Article, we identify nascent competition as a distinct analytical category and outline a program of antitrust enforcement to protect it. We make the case for enforcement even where the ultimate competitive significance of the target is uncertain, and explain why a contrary view is mistaken as a matter of policy and precedent.