What will come in the world after COVID
In 2023 the MIT Platform Strategy Summit discussed digital economy initiatives around the world. In its 9th edition, the Summit is now an industry-leading event exploring how the management and economics of the business model on platforms and their implications globally. The focus of this year’s event was on how platforms are navigating the post-COVID world and what’s to come. In a world ravaged by the pandemic and the ever-changing ecosystem, the strategy summit provided excellent guidance to assess the state of platform markets and where they are heading.
In 2013, to contextualize, Uber was only four years old. Today, all the top ten global retailers operate in the market using the platform model. Eight out of the top ten ecommerce unicorns adopt the platform model and the top 100 platforms trade billions of dollars a day. These top 100 platforms account for a collective market capitalization of over $15 trillion.
The Summit was attended by 6 CEOs, a Digital Director, a Chief Technology Officer and a Chief Economist, all from companies that are part of the Fortune 500 group.
Below are 8 main points of the discussion:
1 - Companies are considering the platform model as their core strategy.
2 - Companies begin to see opportunities to raise resources, network and seek new talent through this model.
3 - Several traditional businesses are becoming platforms, especially those that are part of the emerging brands, such as South Africa.
4 - Even the classic commodity companies, such as steel, are seeking to adapt to the platform model, although they have to face challenges on regulatory issues.
5 - Although autonomous platforms are now considered the Holy Grail, it is known that AI will play a significant role in the development of the platform economy.
6 - What customers want is not specifically the platform, but what it is able to do and its benefits.
7 - More than anything, the innovative business model as well as the digital transformation have to do with the change of mentality.
8 - The transition to a platform model will be led by visionary and creative thinkers, who have an understanding of the value of partnerships, as well as know how to create an ecosystem that will bring beneficial synergies.
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