The full audio episode is here and I recommend subscribing to the podcast if you are in to FinTech. A transcript of the relevant section is below, edited for clarity:
How should incumbents, startups, and VCs think about FinTech, disruption, and blockchains?
Here we learn the differences and dynamics between disruptive innovation, sustaining innovation, and efficiency innovation. Each of them interact with the others, and the appropriate approaches and defence strategies differ. I then provide my own thoughts on how this framework relates to FinTech for incumbents, startups, and venture capitalists.