Mr. Case argues that success in the Third Wave will require strategies and ways of thinking to which Second Wave entrepreneurs are unaccustomed. At America Online, Mr. Case discovered the importance of forging partnerships with established or emerging organizations, of changing and even reinventing itself to adapt to disruption by new competitors, and of persevering in the face of unforeseen challenges. Third Wave companies will need to internalize these lessons from the First Wave if they want to survive.