What is as an ecosystem?
- An ecosystem is the network of cross-industry players who work together to define, build and execute market-creating customer and consumer solutions.
- The power of the ecosystem is that no single player need own or operate all components of the solution, and that the value the ecosystem generates is larger than the combined value each of the players could contribute individually.
- Ecosystems create strong barriers to entry for new competition, new entrants must compete against the entire system of independent complementing businesses.
How do you Participate in an ecosystem?
You need to identify your role, are you providing:-
- An offering, a platform, a market play?
- You need to identify the right partners who will allow you to successfully collaborate outside of your sphere.
- However, executives often don’t have the experience and capabilities to design and execute market-leading ecosystems. As such, many aren’t seeing the revenue growth they had predicted.