Yesterday, another great edition of the 2023 MIT Platform Strategy Summit took place led by the 3 co-chairs: Geoff Parker, Marshall Van Alstyne, and Peter C. Evans, it focused on The Future of the Platform Economy: A journey through the key topics of our world as impacts of AI & Changes in work, CIrcular Economy, Investment Landscape, Creator Economy, Manufacturing and Logistics, Regulators, B2B Platforms and Forces of (De) Globalization.
Annabelle Gawer, Peter C Evans, Marshall Van Alstyne, Geoff Parker
Platform Review and Forecast
B2B Platforms by Geoffrey Parker – Professor, Dartmouth College & Visiting Scholar, MIT IDE (Summit Co-chair)
✅ Independent companies and startups found 67% of marketplaces, meanwhile, 55% of technology platforms are operated by incumbents and only 10% by startups.
✅ 4 categories of Platform Archetypes based on technology-focused (Technology Enablement, Intelligent Product & Services) or transactional-focused (Data Aggregation & Collaboration)
✅ Meanwhile B2C Platforms Solve Market Failures, B2B Platforms solve
Circular Platforms by Peter C. Evans – Chief Strategy Officer, McFadyen Digital (Summit Co-chair)
♻️ The challenge of marrying Circular Economy and Platform Business Models.
♻️ From linear platforms to Circular Platforms
♻️ Circular platforms will represent 58% ($863 billion) in 2030 as McFadyen Digital predicts.
♻️ 7 Advantages of Circular Marketplaces:
Lower transaction costs, More buyers and sellers, Positive network effects, Expanded reach, Incentives for product redesign, Easier to grow community, Incentives for ecosystems innovation
Platforms for Evil or Platforms for Good? by Annabelle Gawer – Professor, University of Surrey, UK
🔴 Companies achieve new ways to create value through Digital Transformation, but new organizational forms are based on digital platforms and ecosystems.
🔴 Platform Governance = Ecosystem Rules, so platforms become the new governors of private ecosystems.
🔴 Platforms for good: huge business opportunities to use platforms that generate TRUST, focus on solving grand challenges, and circular economy.
AI Impact by Marshall Van Alstyne – Professor, Boston University & Digital Fellow, MIT IDE (Summit Co-chair)
💻 AI will increase machine network effects and reduce human network effects
💻 ChatGPT 3.5 released Google panic -released 11/2023 and reaches 100 MAU in 2 months (TikTok in 9 months, Instagram in 2.5 years) allowing traditional firms to use AI, so platforms gather new data!
💻 Regulation. not equipped
💻 AI everywhere: as customer service, better matching, inventory prediction, marketing campaigns
Networking Lunch by Milja van’t Noordende – Head of Growth & Partner, TheNTWK
This year, TheNTWK led by Milja van't Noordende, Partner & Head of Growth, hosted the Networking session, inviting attendees to discuss the main challenges and opportunities of the main Summit topics.
AI table discussion
Find a recap of the Key Challenges:
Closing Remarks by Marina Planas, our CEO & Co-Founder shared her Key Takeaways.
💡 B2B marketplaces effectively address coordination failures.
💡 Marketplaces are driving the circular economy forward.
💡 Special attention is given to Platforms for Good, strongly focusing on trust.
💡 AI must consider perspectives from both: Companies and Society - Pilot or Co-Pilot.
💡 The importance of designing a safe AI system that protects us from harmful AI.
💡 Platforms incentivize creators to provide data too
💡 Regionalization of the supply chain
💡 Unaccountable private power
NTWKers, join us in exploring further insights from the MIT Platform Strategy Summit Sessions on the 25th of July at TheNTWKInteracts: https://www.the-ntwk.com/event-details/thentwkinteracts-wrap-up-of-the-mit-platform-strategy-summit