In the Ecosystem Economy, What’s Your Strategy?
In many contexts, the firm is no longer an independent strategic actor. Its success depends on collaboration with other firms in a designed ecosystem spanning multiple sectors. In these cases, traditional strategy frameworks are of little help. Instead, the author says, companies should focus on five questions: Can you help other firms create value? Success is as much about helping other firms innovate as it is about innovating yourself. What role should you play? You don’t necessarily need to be the chief architect of your ecosystem; sometimes you’re better off sharing the role or being a complementor. What should the terms be? There are two key governance choices: who can access the ecosystem, and how exclusively attached your partners must be. Can your organization adapt? Customers’ needs and complementors’ desire and ability to collaborate can shift dramatically, requiring changes in your allocation of resources. How many ecosystems should you manage? Some successful orchestrators head up multiple ecosystems—each covering a different part of the business, and each leading to a different path for expansion.
