Competing against platforms
This chapter suggests that enlightened leadership may benefit from considering an alternative '5Es' pattern about engaging, enabling, enhancing, embracing and earning, to maximize value creation in an increasingly platform-powered economy. In many cases, established firms looking to add platform capabilities already have a client base, which can constitute one side of a platform. Platform firms need the sensing skills required to spot market changes, the seizing skills required to address new opportunities and the transforming skills needed to ensure the overall organization, and its ecosystem, remain relevant. Some businesses are unlikely to be directly impacted by platform models. Plenty of individuals and groups within traditional businesses are well aware of the competitive threats and understand the potential for disruption of these new platform business models. Harnessing the power of communities, such as users and producers, while managing complementary business models as part of a platform-powered ecosystem, requires strong 'dynamic capabilities'.