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Over the last decade or so, we're seeing the emergence of a new form of scale. Today's massively scaling startups - which rapidly grow to millions of users and billions in valuation - do not sell a product or service. Instead, they build a platform on which others can create and exchange value.
The many manifestations of the platform business model - social media, the peer economy, cryptocurrencies, APIs and developer ecosystems, the Internet of things, crowdsourcing models, and many others - are becoming increasingly relevant.
Yet, most new platform ideas fail because the business design and growth strategies involved in building platforms are not well understood.
Platform Scale lays out a structured approach to designing and growing a platform business model and addresses the key factors leading to the success and failure of these businesses.
Six core concepts for successful platform business model design
1. Re-imagine your business for platform scale
The mechanism by which these new business models scale so rapidly. Understand the shift in thinking needed to manage businesses with platform scale and the impact of network effects, virality, behavior design and data.
"We are not in the business of building software. We are in the business of enabling interactions."
2. Leverage interaction-first design
How detailed consideration around designing the producer-consumer core interaction is critical for building business models that leverage platform scale.
"The design of the platform business model involves the design of a core interaction followed by the design of an open infrastructure that will enable and govern this interaction."
3. Build cumulative value and minimize interaction failure
Know the key managerial decisions to focus on while managing platform scale businesses, all geared towards maximizing the ability of these businesses to enable interactions by scaling producer participation and minimizing interaction failure.
"Platform scale is achieved by maximizing the repeatability and efficiency of the platform's core interaction."
4. Solve chicken and egg problems
Platform business models face an all too familiar catch-22 chicken and egg problem on the way to scaling. This can be overcome by designing the conditions for sparking interactions.
"The solution to the chicken-and-egg problem requires a bait that can break the vicious cycle of no activity."
5. Design viral engines
Understand the drivers of viral growth in a world of networks and apply the viral canvas design-first approach to viral growth.
"Virality is a business design problem, not a marketing or engineering effort. It requires design before optimization."
6. Account for reverse network effects
Consider the counter view on platform scale and be on the lookout for conditions where scale can be detrimental to platform businesses.
"The goal of platform scale is to ensure the simultaneous scaling of quantity and quality, of interactions."
Platform Scale is a maker's guide for entrepreneurs, innovators and educators looking to understand and implement the inner workings of highly scalable platform business models.
- Sales Rank: #55302 in Books
- Published on: 2015-09-15
- Original language: English
- Dimensions: 9.00" h x .76" w x 6.00" l,
- Binding: Paperback
- 336 pages
About the Author
Sangeet Paul Choudary is a widely published researcher, industry keynote speaker and global CXO advisor on platform business models to high growth startups and Fortune 500 companies. He is the co-chair of the MIT Platform Strategy Summit and an industry advisor to the Global Platform Data Project at Stanford University.
He is an Entrepreneur-in-Residence at INSEAD Business School, an advisor at 500Startups, a Global Fellow at the Centre for Global Enterprise in New York and serves on the advisory board of CoFoundersLab, the world's largest community of startup founders.
Sangeet is also the author of the upcoming book Platform Revolution (W.W. Norton & Company, early 2016), as well as a contributing author to Managing Startups (O'Reilly Media, 2013). He has been featured in Harvard Business Review, MIT Technology Review, Fast Company, Forbes, TechCrunch, Wall Street Journal, WIRED Magazine and other leading publications.
For all media-related, research-based advisory and speaker engagement services, contact him on his popular Platform Thinking Labs blog.
Most helpful customer reviews
15 of 16 people found the following review helpful.
Platform Scale is a Fantastic Theoretical and Pragmatic Guide to Building the Companies of The Future
By Michael Silverman
Personal Background & Summary
While Platform Scale is accessible to anyone interested in technology and how new businesses are being formed, I have always found it helpful to know the reviewers background in online reviews. In this case, I am a growth equity technology investor that is highly familiar with the concepts brought up in Platform Scale. I live and breath technology and my ability to succeed at my job depends on my understanding of technology-based businesses. With that said, this book provided incredible theoretical clarity to a number of concepts I had understood intuitively/pragmatically and has allowed me to more broadly apply these concepts across different business lines that may be in need of disruption. As a collaborator with the author on this project, I've done my best to give my objective perspective on Platform Scale, who should read it, and why it is (most assuredly) a worthwhile investment of your time.
Section 1 - Introduction to Interaction First Businesses
This section is fundamentally about bringing readers up to speed on several common concepts (Aggregation, Means of Distribution, Methods of Interaction, Role of Producers & Consumers, Network Effects, Data as Currency) that businesses operating at platform scale utilize in radically different ways than prior enterprises. Depending on your previous knowledge level and understanding of (primarily) Silicon Valley-based platform businesses (Uber, AirBnB, Facebook), you may already be aware of the mechanisms described at a superficial level, but not at the granularity of how those concepts translate into business processes. The author explores these concepts and how value is created through the idea of Pipes (linear value movement) and Platforms (bi or multi-directional value movement). The most valuable part of Section 1 lies in Chapter 5, where the key drivers of Platform Scale are described, as the author does a great job of relating previously known economic drivers with radically new opportunities based primarily on technological trends. Overall, Section 1 is a great primer as to how and why Platform Scale businesses have, almost magically and with great rapidity, become extremely competitive with previously hard-to-disrupt command and control corporations.
Section 2 - Designing the Interaction First Platform
The second section explores how to best build an interaction-first platform from the ground up, which use cases must be accounted for, where friction might be encountered, and how value will/should be created. At its core, this section describes how platforms should have a central principle of value that is easily understood, and upon which others can create additional drivers of value. While Chapter 1 gets bogged down in complex analogies in what I believe are attempts to simplify highly intricate ideas, read on as Chapter 2 describes perhaps one of the most important ideas of the entire Book, the Core Value Unit and how it powers the massive value creation of new platform businesses. The CVU and the closely connected concepts of Curation and Interaction Flows are also explored in detailed, and add necessary concrete context and examples to how one might go about designing the next Platform Scale business.
Section 3 - Building the Interaction First Platform
The third section is about one concept: execution. How does one build a PS scale business from a management perspective? Chapter 1 is a strong summary of the concepts (Interaction Space, Production Incentives, Long Term Value Creation, Curation Mechanisms, Ownable Interactions) later explored in depth. From a personal perspective, the most interesting discussion revolves around how to lock-in users in what are, by design, "open" platforms that encourage movement amongst users and producers. The corollary to this is how to utilize friction, either naturally present or artificially created, to increase the overall value of the platform. The case studies towards the end of the platform are instructive in illustrating potential avenues of dysfunction, but I question the broader applicability of the specific lessons learned here, as we in the very early stages of understanding how platforms work (this book definitively advancing our overall knowledge set).
Section 4 - Solving the Chicken or the Egg Problem
The fourth section explores the old-as-time problem of creating a two-sided interaction from scratch in the context of the very new platform scale business. Instead of suggesting concrete ways of juicing the marketplace, which I would have discounted as likely too specific to be broadly applicable, the author instead takes the stronger path of prioritizing theoretical approaches to sparking interaction. Of the concepts presented, the most salient is likely the staged value creation approach, which the author presents concisely in a case study of OpenTable.
Section 5 - Virality - Scale in a Networked World
Once you have solved for Section 4, i.e. the positive feedback loop is self-sustaining, how do you increase the rate at which it interacts? Section 5 describes two main strategies, several temporary (Termed "Bumps") and several that are more sustainable (Termed "Engines"). The author's deconstruction in Chapter 4 of virality in comparison to contagious diseases is both humorous and incredibly informative. For those that are familiar with the Lean Startup movement and its startup canvas, the author's Viral Canvas's and corresponding examples were extremely helpful in clarifying the concepts presented.
Section 6 - Reverse Network Effect
In The Who's song, Won't Get Fooled Again, there is a line, "Meet the new boss, Same as the old boss." As the author sums up, I can't help but agree that while the creation of big command and control corporations may be ending, the creation of enormous platform-scale ecosystems is just beginning. Given that is the case, and that many platforms are currently subsidizing their value creation for both users and producers, the author's focus on how to scale value without significant amounts of capital is apropos. Finally, Platform Scale ends with a discussion of some of the problems associated with platform scale business and how to best approach them, which will surely make this required reading amongst management at platform scale businesses when funding for subsidized value creation becomes scarce.
Summary
Overall, Platform Scale is a fantastic exploration of the steps required to build platform scale businesses and ensure they are self-sustaining. More importantly, this book also prepares the reader for the platform scale businesses of the future by discussing the theoretical and abstract components of PS ecosystems. Despite some unnecessarily complex examples in specific sections, the author manages to maintain consistent tone and quality throughout what is an ambitious look at where business is likely headed. While PS is most applicable to business managers, investors, and those interested in technology, I also believe the book is illuminating to those that seek to understand how the world works in general, as the principles discussed herein will power a significant portion of the business world, and society, going forward.
4 of 4 people found the following review helpful.
Rich with patterns and models derived from hundreds of examples of consumer platforms
By R Gogulapati
Platform Scale stands out among other works on Platforms so far. Sangeet Choudary has proved that the unique style of presenting complex and tough material as simple, clear concepts can only happen when the author lives and breathes the stuff. The principles of design of platforms and modern businesses come to life with the examples he covers throughout the book. These businesses are consumer businesses that are changing the daily routines of people around the world. Yet, there are not many articles or books that cover them with the comprehensive thought process on how they might be built. Sangeet's book fills the gaps in existing literature and also challenges established works to bring more contemporary and futuristic businesses as examples to the table for discussion. It is tempting to ask Sangeet to satisfy the Software engineers who provide the backbone to most of the digital platforms in his future work. But his mission is clear when he says that he chose to write the book for startups and entrepreneurs dreaming to build platforms of the future. The book does justice not only to his target audience but also to any student of business who is curious to grasp the emerging trends in consumer platforms. I strongly recommend this work as a must read for anyone to get to the core of changes happening in businesses and industries around them, throughout the world.
4 of 4 people found the following review helpful.
The most comprehensive resource for marketplaces and tech platforms. Should be present in every startup founder's library.
By charis_r
Platform Scale is the only resource a founder of a tech startup/platform needs to understand and go on to use the best techniques about building his startup. Sangeet, a leading expert in platforms globally, breaks down everything a founder, manager, CxO or literally anyone involved in tech startups or marketplaces needs to know to before and after he starts working on a platform. Actionable advice, insightful examples of real-case scenarios and techniques some of the most successful marketplaces have used to grow and become unicorns are exposed in this book. From platform architecture, to monetization and growth, Platform Scale will give you the theoretical foundation as well as the actionable advice you need to get started or expand your platform company.
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