Multi-Sided Markets

Многие молодые инновационные предприятия прекращают свое развитие и существование после первых попыток освоения рынка. На данный момент теоретическая база, на которую можно ориентироваться молодым инновационным предприятиям при выходе на рынок в условиях высокой неопределенности, не является полной. Цель исследования - изучить подоходы успешных молодых инновационных предприятий к адаптации продукта к актуальным нуждам потребителей, влияние потребительской ценности на формирование начального предложения для рынка и последующее развитие бизнеса. Были использованы качественные методы исследования. В ходе исследования было установлено, что изначальное предложение продукта не соответствует актуальным нуждам потребителя, так как предприниматель сконцентрирован скорее на идее и продукте, чем на потребностях потребителей. Успешные предприниматели итеративно адаптируют функциональные характеристики продукции, удовлетворяя выраженные нужды потребителей на основании фидбэка и персональной рабо...

He has contributed to many lines of thinking in the Strategy field, including cognition, organizational change, networks and alliances, and in many contexts including mature industries and biotechnology. Recently he has been associated with thinking concerning business models through his promotion of the concept of 'Business Models as models' and his role as leading editor of the 2010 Long Range Planning Special Issue on Business Models.

The paper aims to develop an instrument to measure the position of a firm on business model dimensions (BMDs). The position of firms on the BMDs will help to delineate successful firms from unsuccessful firms. The scale items for the instrument were identified through a literature review. Four scales, one for each of the four BMDs, were developed. All the scales were empirically tested for reliability and validity. The scales proposed in this paper will help managers to locate the position of their firms on four BMDs and the position of a firm on four BMDs can be benchmarked with the industry average or with the best firm to gain competitive advantage. For the academicians, the scale for BMDs will pave the way for empirical studies to analyze the firm's performance or competitiveness w.r.t to BMDs. The BMDs are used to classify the business model of a firm. However, scales to measure firms' position on the selected BMDs were not available in the current literature. This paper attempted to address this need.

Digital business ecosystems have been thoroughly studied from the perspective of their leaders, the companies that create digital platforms. Much less literature was devoted to the perspective of ecosystem participants / contributors. The present report is based on case studies ranging from micro-businesses to multi-billion dollar giants, all of which have chosen eocystem participation as their business strategy. Through our study we have found a phenomenon previously uncovered  in the literature, the "hidden layers" of digital business ecosystems.

As business model (BM) innovation has become one of management's top priorities, anecdotal evidence suggests that firms do not have one single BM but run multiple BMs in parallel. From an academic perspective, only few attempts have been made, until today, to broaden the scope of research from one to many BMs within firm boundaries. To close this gap, we review systematically the emerging literature on "multiple" BMs, based on a theoretical framework that links the BM concept with general mechanisms of corporate portfolio management. Our results show that firms develop BM portfolios as a direct result of challenges in today's technology-driven environment, such as disruptive industry BMs and the need to commercialize technologies with innovative BMs. More specifically, our findings challenge the general assumption that firms should (or can) be described based on a single BM. Segmentation, configuration and coordination of multiple BMs can complement a customer-centric perspective in the BM development and management process, not only for large organizations. We provide initial characteristics of these mechanisms and outline areas for future research.

As business model (BM) innovation has become one of management’s top priorities, anecdotal evidence suggests that firms do not have one single BM but run multiple BMs in parallel. From an academic perspective, only few attempts have been made, until today, to broaden the scope of research from one to many BMs within firm boundaries. To close this gap, we review systematically the emerging literature on “multiple” BMs, based on a theoretical framework that links the BM concept with general mechanisms of corporate portfolio management. Our results show that firms develop BM portfolios as a direct result of challenges in today’s technology-driven environment, such as disruptive industry BMs and the need to commercialize technologies with innovative BMs. More specifically, our findings challenge the general assumption that firms should (or can) be described based on a single BM. Segmentation, configuration and coordination of multiple BMs can complement a customer-centric perspective in...

Motivating buyers and sellers to join an empty platform is thought to be a key challenge for firms attempting to launch digital platforms in two-sided markets. According to predictions from extant literature, 'no one joins until everyone joins'. The phenomenon is often referred to as the "chicken-and-egg problem". This study investigates the phenomenon in an exploratory multi-case study of ten startup technology firms operating digital platforms in two-sided markets. The study finds that the firms entered their markets using a variety of strategies distinguishable by strategic, relational and temporal factors. A conceptual framework is proposed which distinguishes the firms' strategies along these dimensions. In addition, a cross-case discussion of the dynamics of the firms' strategies is provided. Deductively, the findings contribute to establishing an empirical grounding for predictions from extant literature. Inductively, the findings contribute preliminary managerial implications as well as propositions for further research on entry strategies for digital platforms in two-sided markets.

Проведен анализ мирового опыта в создании цифровых платформ и связанных с ними рисков. Всестороннее исследование российского и зарубежного опыта в создании цифровых платформ позволило сформулировать основные требования к таким платформам, определить тенденции их развития. Показано, что внедрение цифровых платформ во всех секторах экономики-естественный ускоряющийся тренд развития современного мира. Отмечено, что быстрое развитие цифровых платформ несет с собой новые риски и угрозы, которые необходимо учитывать и анализировать. Проведенный анализ современного состояния цифровых платформ и доклада о глобальных рисках, подготовленного для Всемирного экономического форума в Давосе, позволил провести идентификацию рассматриваемого вида рисков. На основании проведенной идентификации в работе составлен подробный реестр рисков цифровых платформ. Рассмотрены такие виды цифровых рисков, как риски информационной безопасности, риски организованной киберпреступности, репутационные риски, юридические риски, операционные риски и риски нестабильности доходов участников. На основании полученных данных проведен качественный анализ рисков, связанных с цифровыми платформами. Построена карта рисков цифровых платформ, определены риски, попадающие в зоны пренебрежимого, приемлемого и катастрофического риска. Проведенный анализ позволяет сделать вывод, что наиболее опасные виды цифрового риска, связаны с проблемами безопасности и конфиденциальности данных. Своевременная идентификация и качественный анализ рисков цифровых платформ позволят обеспечить стабильность их функционирования и обеспечить успешную реализацию цифровой трансформации российской экономики.

In modern conditions of Russian economy, to create an innovative product (or service) that meets the requirements of users it is necessary to combine resources and competencies of several companies. Issues related to the network integration of companies based on the creation of ecosystems are quite controversial. In modern scientific literature there is no consensus on the definitions of an ecosystem and the ecosystem of the financial technology market (fintech market). This substantiates the relevance of the study. In the context of the dynamic development of financial technologies in Russia, new forms of organizing the interaction of enterprises for the integration of innovative ideas, the development and creation of innovative goods and services are of particular importance. The goal of this article is to determine the essence, features and prospects of developing the fintech ecosystem of Russia. The article provides an overview of the main works devoted to substantiating the con...

Platform-based business models are increasingly relevant. Scholars mainly focus on the strategic dimension, but what are the tactics to build and evolve digital platforms? This article proposes a novel framework, which assists in subdividing the scope of possible activities of digital platform sponsors in a temporal and contextual manner. The framework comprises four context dimensions (platform attributes, core product, governance, ecosystem) and four lifecycle phases (birth, expan- sion, leadership, renewal). In particular, three key insights emerge regarding the critical role of the leadership phase (in terms of institutional and regulatory influence and the need to build a defense) as well as a lack of studies in the renewal phase.

The paper aims to develop an instrument to measure the position of a firm on business model dimensions (BMDs). The position of firms on the BMDs will help to delineate successful firms from unsuccessful firms. The scale items for the instrument were identified through a literature review. Four scales, one for each of the four BMDs, were developed. All the scales were empirically tested for reliability and validity. The scales proposed in this paper will help managers to locate the position of their firms on four BMDs and the position of a firm on four BMDs can be benchmarked with the industry average or with the best firm to gain competitive advantage. For the academicians, the scale for BMDs will pave the way for empirical studies to analyze the firm's performance or competitiveness w.r.t to BMDs. The BMDs are used to classify the business model of a firm. However, scales to measure firms' position on the selected BMDs were not available in the current literature. This paper attempted to address this need.

В статье предпринята попытка определения уровня сформированности теоретического понимания термина «платформенная экономика», а также даётся обоснование правомерности считать анализируемый термин определением системы взаимоотношений и составляющей компонентой цифровой экономики. Выявляется взаимосвязь между цифровой и платформенной экономикой, а также подчеркивается необходимость обособления последней от первой. Дается обзор зарубежных и российских научных центров, посвящающих свои исследования платформенной экономике, платформам и платформенным бизнес-моделям. Завершением работы служит анализ и критическая оценка международных и авторских рейтингов, ранжирующих субъекты платформенной экономики — платформенные компании.

The original concept of multi-sided markets has been developed to operate the interests of distinct groups through a platform, generating profitability from the massive volume of interconnected participants in order to enable the economic desires of one another in alignment with the usual consumer interests of others. With a transposition of daily activities into the virtual environment, and with Internet being the basis of professional and recreational activities, some disturbing practices of placidity may be questionable not only in terms of civil liability but also because of the lack of specific regulation for whoever extrapolates its reasonable limits, being this the problem-theme of this research. Such scenario is aggravated by the implementation of deep machine learning practices that aggregates big data in structured forms for the construction of users profiles for predictive behavioral purposes. The pursued hypothesis consists on the (in)sufficiency of the State’s regulatory labor force for social pacification of such situations in light of recent efforts put forth from a legal framework standpoint. The research will use the deductive method, with the bibliographical analysis, at the end, aiming for final considerations with the objective of extracting a more assertive understanding of the problematic investigated.

The business model construct is increasingly widespread among academia despite an ongoing debate on its being a blueprint of activities or a dynamic cognitive tool. However, in the dynamic perspective stream of literature based on a four-dimensions definition, academics lack clarity on triadic business models – business models with two types of clients that are linked to two-sided markets – and on how entrepreneurs conceive such platforms in the digital era. To address this gap, I conducted over two years an inductive, longitudinal research on four digital, early-stage start-ups that all have a primary triadic business model. This research is based on the Gioia methodology which favors deep immersion on the subject over time, informant-centric coding and iterative phases of data collection and analysis. I uncovered several mechanisms summarized in three frameworks. First, the emergence of the triadic configuration happens at a stage with many iterations between customer engagement, customer identification and monetization: the triadic pinballing stage or the thinking and articulating phases of business modelling. Second, the triadic setting of a business model has prerequisites for all four dimensions of the business model as shown in the triadic business model genesis process or the doing phase of business modelling. Third, digital early-stage start-ups are often rapidly supplementing their original business model with a portfolio of business models for revenue generation and profitability reasons. Three main portfolio strategies exist: replication, innovation and recombination. Fourth, the business model construct is a strong link between the strategy and information systems literatures, therefore, information systems scholars should consider it as the value architecture they call for in researching the choice space. Fifth, enabling technologies are key components and enablers of digital start-ups when performing triadic business modelling (triadic pinball and triadic genesis process) without which we cannot explain the dynamics of business modelling. This research has several limitations with the chosen methodology, the boundary conditions and the geographical scope of start-ups scrutinized. Future research should explore sensing in the case of digital start-ups, platforms operating in multi-sided markets, the links between big data and business operations, legitimacy building for early-stage start-ups and materiality or the representation of triadic business models. In addition, I have also contributed by creating sets of matrices for entrepreneurs to answer questions when business modelling creating answers on right choices to ensure revenue generation.

Digital platforms (sharing platforms, search engines, social networks, e-commerce platforms, etc.), as well as their platform ecosystems, are currently transforming entire industries and types of socio-economic activity, and becoming drivers of economic growth, innovation and competition.
The goal of this study is to understand the essence and determine the unique features of digital platforms, as well as features and development trends of global and Russian platform companies.
The article provides definitions of digital platform, platform business model, platform ecosystem.
The characteristics, advantages and disadvantages, opportunities and threats associated with the activities of digital platforms have been considered. One of the main advantages of the platformbased business model is that it provides direct interaction and exchange between subjects and reduces their transaction and other costs. One of the main problems associated with digital platforms is ensuring confidentiality of the personal data collected and processed by the platforms. Digital platforms are widely dispersed geographically, with most platform companies based in the United States and China. The study shows that the rating of the largest world companies over the past ten years has changed significantly. Most of the largest commodity holdings have been replaced by platform companies that have reached incredible values in terms of market capitalization.
Impressive compound annual growth rates of ecosystems of the largest digital platforms have been analyzed. The study gives examples of global and Russian platforms operating in various forms and directions. The positions of Russian platform companies in the Russian and global markets have been determined. Large Russian digital platforms can compete with global digital platforms in some platform markets in Russia. However, their positions in global markets are weak. We have proposed a number of effective measures aimed at developing a platform economy in Russia. It is also proposed to integrate the Government as a Platform concept at the state level in Russia. Rapid development of mobile and digital technologies predicted in the coming years, as well as unique features of the platform-based business models create the fundamental prerequisites for further active development of the platform economy.

В настоящее время цифровые платформы (шеринговые платформы, поисковые системы, социальные сети, платформы электронной торговли и др.) и формируемые ими платформенные экосистемы трансформируют целые отрасли и различные виды социально-экономической активности, становятся драйверами экономического роста, инноваций и конкуренции. Цель исследования – определение сущностных характеристик и уникальных особенностей цифровых платформ, а также особенностей и тенденций развития зарубежных и российских платформенных компаний. Даны определения цифровой платформы, платформенной бизнес-модели, платформенной экосистемы. Рассмотрены характерные особенности, преимущества и недостатки, возможности и угрозы, связанные с деятельностью цифровых платформ. Одним из основных преимуществ платформенной бизнес-модели является обеспечение прямого взаимодействия и обмена между субъектами и снижение их трансакционных и иных издержек. Из главных проблем, связанных с деятельностью цифровых платформ, отмечена проблема обеспечения конфиденциальности персональных данных, собираемых и обрабатываемых платформами. География деятельности цифровых платформ является крайне обширной, при этом большинство платформенных компаний базируется в США и Китае. Показано, что рейтинг крупнейших мировых компаний за последние десять лет существенно изменился. Большинство крупнейших сырьевых холдингов потеснены к настоящему времени платформенными компаниями, достигшими невероятных значений по показателю рыночной капитализации. Проанализированы впечатляющие среднегодовые темпы роста экосистем крупнейших цифровых платформ. Представлены примеры глобальных и российских платформ, функционирующих в различных форматах и направлениях. Определены позиции российских платформенных компаний на российских и глобальных рынках. На отдельных платформенных рынках России крупные российские цифровые платформы могут составить конкуренцию глобальным цифровым платформам. Однако их позиции на глобальных рынках являются крайне слабыми. Предложен ряд эффективных мер, направленных на развитие платформенной экономики в России, в том числе внедрение в России на государственном уровне концепции «Государство как платформа» (Government as a Platform). Прогнозируемое в ближайшие годы бурное развитие мобильных и цифровых технологий, а также уникальные особенности платформенных бизнес-моделей создают фундаментальные предпосылки для дальнейшего активного развития платформенной экономики.

Literature on Business Models (BMs) has grown very rapidly since the beginning of the 21st century, and although the theoretical and empirical literature has developed significantly, the number of practical and management-oriented studies remains relatively low. A recent debate in the field has focused on the definition of BM invariants: (1) sensing customer needs, (2) creating customer value, (3) sustaining value creation, and (4) monetizing value. Extant empirical studies have mainly focused on Multinational Enterprises (MNEs) and successful BMs; however, this study concentrates on the failure of BMs in the case of Small and Medium Enterprises (SMEs). An important source of a BM’s failure is the misalignment between MNE and SME involved in an acquisition. Looking through the lens of the four BM constants, the aim of this study is to examine the case of the acquisition of Domestic Heating (an SME) by Ventilair (an MNE). Although both separate entities were achieving good results and each had a specific BM, the acquisition produced poor results mainly due to the misalignment of the two BMs. Our findings lead us to make recommendations to practitioners on avoiding BM misalignment during an acquisition. We encourage practitioners to enhance communication, promote organizational experiments, acknowledge specificities of both entities, foster employee commitment, and ensure homogeneity in IT system usage.