What is a platform business?
The term “platform” is used in a variety of contexts. Early on , it was often a synonym for ” operating system”, but today its used to describe a variety of scenarios.
Platform businesses create an environment of promiscuous integration as a way to accelarate operations , get closer to customers & partners , unlock innovation & discover efficiencies.
Platform businesses have a number of attributes in common. These include
- Platforms are open. A Proprietory platform isn’t.
- Platforms can be built upon.
- Platforms attract communities. To thrive , these communities should be manged & nurtured.
- Building a community around your platform enables you to build your business more effectively with the enthusiastic help of customers , suppliers & partners.
- Platforms scale efficiently . Self- service access & low barriers to entry are cornerstones of this.
