The Business of Platforms: Strategy in the Age of Digital Competition, Innovation, and Power – The Essential Economics and Management Guide for Tech Entrepreneurs
von Michael A. Cusumano
However, a platform strategy should prevail over a stand-alone product strategy when (1) there are opportunities to tap the innovation capabilities of outside firms to enhance value; and (2) it is more economical to enable transactions rather than to own assets and deliver products or services directly. Platforms will try to exploit a dominant position, but they need to avoid or minimize the challenges posed by antitrust and broader societal concerns. We have organized our discussion around four guidelines: Don’t be a bully, balance openness with trust, respect labor laws, and curate (self-regulate).
However, a platform strategy should prevail over a stand-alone product strategy when (1) there are opportunities to tap the innovation capabilities of outside firms to enhance value; and (2) it is more economical to enable transactions rather than to own assets and deliver products or services directly.
Platforms will try to exploit a dominant position, but they need to avoid or minimize the challenges posed by antitrust and broader societal concerns. We have organized our discussion around four guidelines: Don’t be a bully, balance openness with trust, respect labor laws, and curate (self-regulate).
The key insight, which we explored in earlier chapters, is that a platform often requires underwriting one side of the market to encourage the other side to participate. Knowing which side gets charged and which side gets subsidized may be the single most important strategic decision for any platform.
First, industry platforms deliver products or services by bringing together two or more market actors or “sides” (e.g., buyers and sellers, or an operating system maker with users, application developers, and hardware producers) that would not otherwise interact or easily connect.
Third, in order to link multiple market players and get the network effects started, industry platforms all must solve a chicken-or-egg problem. This means that one market side usually needs to come on board first and provide something that attracts another side.
"However, a platform strategy should prevail over a stand-alone product strategy when (1) there are opportunities to tap the innovation capabilities of outside firms to enhance value; and (2) it is more economical to enable transactions rather than to own assets and deliver products or services directly."
"Platforms will try to exploit a dominant position, but they need to avoid or minimize the challenges posed by antitrust and broader societal concerns. We have organized our discussion around four guidelines: Don’t be a bully, balance openness with trust, respect labor laws, and curate (self-regulate)."
"The key insight, which we explored in earlier chapters, is that a platform often requires underwriting one side of the market to encourage the other side to participate. Knowing which side gets charged and which side gets subsidized may be the single most important strategic decision for any platform."
"First, industry platforms deliver products or services by bringing together two or more market actors or “sides” (e.g., buyers and sellers, or an operating system maker with users, application developers, and hardware producers) that would not otherwise interact or easily connect."
"Third, in order to link multiple market players and get the network effects started, industry platforms all must solve a chicken-or-egg problem. This means that one market side usually needs to come on board first and provide something that attracts another side."
"The trade-off between openness and curation creates a fundamental dilemma for platform governance: On the one hand, platforms should take some responsibility for how their platform is used. On the other hand, few people want platforms to become the new censors."
"The second type we call transaction platforms.22 These platforms are largely intermediaries or online marketplaces that make it possible for people and organizations to share information or to buy, sell, or access a variety of goods and services."
- →Platforms will try to exploit a dominant position, but they need to avoid or minimize the challenges posed by antitrust and broader societal concerns. We have organized our discussion around four guidelines: Don’t be a bully, balance openness with trust, respect labor laws, and curate (self-regulate).
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