What Airbnb Uber And Alibaba Have In Common Pdf
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- What Airbnb Uber and Alibaba Have in Common
- The Complete Guide to the Revolutionary Platform Business Model
- Big Digital Platforms
In recent years we have witnessed the rise of the platform economy. Most of these organizations are young Apple and Microsoft being the adolescents and were able to grow extremely fast due to the digital platforms they provide. The most common types of platforms are transaction platforms that match supply and demand e. Other examples are technology platforms that provide a technical infrastructure that other people can build upon e. These digital platforms have radically changed the way we work, do business, socialize, learn, move, produce, etc.
What Airbnb Uber and Alibaba Have in Common
Has Who Can You Trust? Pick up the key ideas in the book with this quick summary. Indeed, on a daily basis, we use services provided by online companies whose names have become synonymous with such changes. So what do Uber, Airbnb and Alibaba have in common, and where did they come from?
Rachel Botsman has a startling answer. This book summary follow the evolution of trust. They take us on a journey from when trust only existed between small, tight-knit communities through to industrialized societies in which trust was a top-down affair between big institutions and citizens.
What is trust? We each have slightly different interpretations. Take an average day. Without trust, it would be difficult to leave your home, let alone buy something from a stranger online. From using a credit card on eBay to flying somewhere for a holiday, our complex, interconnected world depends on trust at every turn.
But trust is a two-way street. A good example of this is the trust system developed by Maghribi traders in the eleventh century and still used in the business world today. The traders faced a conundrum. They wanted to ship their goods to the profitable but distant markets of Sicily.
That meant they had to use intermediaries. The Maghribi entrepreneurs hit on a simple but effective solution. By developing a system that cut both ways, the traders established a foundation of trust that allowed them to carry out their business and avoid being cheated.
What the traders had invented was a rating system. It was a revolutionary innovation that is used to this day in the business world. Trust is — and always has been — the thing that makes the business world tick. But trust itself has changed throughout human history. Before our own age, there were two distinct periods. These can be defined as the age of local trust and the age of institutional trust. Local trust refers to the period before industrialization and the emergence of highly complex societies.
In this age, people had close, face-to-face relations and trade was conducted within small, tight-knit communities. Industrialization changed everything. Trade and business were now conducted from ever-greater distances; loans and bonds circled the globe, transcending old boundaries and borders. Maintaining elaborate systems of credit and trade meant that institutions — banks, governments and courts — became increasingly important.
They ensured stability and fair practice. These were the linchpins of the system of institutional trust. But the nature of trust has changed once again in our own global age.
We are now entering an era of distributed trust. Distributed trust is a horizontal relationship between peers rather than a top-down relationship between institutions and citizens. Take Airbnb. Think of paper money. But the new system opened up new possibilities. You could sell your horse and use the money to buy multiple pigs at once.
The new age of distributed trust is similar. Because we trust strangers with our credit card details when we go online, we now have access to more goods than ever before. We are increasingly moving away from institutional trust.
Shocks like the financial crisis have amplified skepticism about the established institutions at the heart of our societies. The greed and chronic malpractice of the institutions that we trusted with our money became plain to see once the market crashed. But the crash of expedited a process that was already underway.
Technological change had been sapping confidence in institutions for some time prior to the financial crisis. New technologies make life more transparent. The internet continues to provide us with greater access to information about institutions. Wikileaks is a great example of this. The Panama Papers added to this. Released in by the International Consortium of Investigative Journalists in cooperation with the Guardian and Le Monde newspapers, the papers documented the elaborate tax-avoidance schemes of public figures ranging from the Argentinian soccer star Lionel Messi to the Russian president Vladimir Putin and the father of David Cameron, the former British prime minister.
The revelations showed that the rules and laws by which most of us live do not seem to apply to the rich and powerful. They can also distort the truth. Take social media. Poorly researched, sensationalist or simply false claims spread like wildfire through social-media channels, undermining traditional investigative reporting.
Taken together, that amounts to a ferocious assault on the credibility of established institutions. Once bitten, twice shy. The sharing economy has changed the way we do business.
The most successful representatives of the new ethos have broken with the old model of traditional outlets selling goods and services and instead focussed on connecting customers with peers online. Take Uber and Airbnb. Both companies allow their users to generate income from otherwise unused assets like cars and spare rooms by connecting them with their peers.
Their success speaks for itself. Founded by Jack Ma, in , the platform connects suppliers, buyers and sellers in a virtual marketplace in which everything from galoshes to live goats can be bought. Alibaba has grown so dramatically that it even overtook Walmart in Online transactions are only viable if users know that there are rules that will protect them if something goes wrong.
Other people can see how trustworthy we are by following our trails, just as we can see how trustworthy they are by following theirs. Both the providers and users of Uber or Airbnb know that their ratings will affect their ability to use the services in the future.
Poor decisions can come back to haunt us. That goes for well-known services such as Airbnb as well as illicit services offered on the darknet. Drug dealers who trade anonymously using special software are more likely to be honest about their products than their equivalents on the street. The reason? Rating increases trust to such an extent that even the most personal jobs can now be allocated to complete strangers — as long as their reputation is good enough!
Take UrbanSitter. The app connects parents with potential babysitters. And the first time parents and sitter meet is when the latter arrives for work. The app provides detailed information about all potential babysitters. Parents can check their reviews and watch their personal introduction videos. Rating systems allow us to trust complete strangers in the most intimate spheres of our lives. Rating systems are currently restricted to specific platforms. But what if your whole life was subject to such a system?
China is currently implementing a policy that will make that eerie possibility an unsettling reality for all its citizens by Its task is to rate all Chinese citizens and appraise their overall trustworthiness.
That means that Sesame Credit and China Rapid Finance, the two companies tasked with awarding everyone their score, have access to the social-media profiles of each citizen. So if a user posts a critical comment about Tiananmen Square, they can expect to see their overall score go down.
The lower your score, the more difficult your life will be. Citizens with low trustworthiness ratings will be subject to a multitude of inconveniences. That creates an immense pressure to conform and maintain a high score. Whether government officials will be subject to the same pressures remains to be seen. And what does it have to do with trust? That could be anything from a diamond to a cryptocurrency. If we take the former as an example, we can see where trust comes in.
Will it work? Just ask the start-up Everledger, which is currently deploying blockchain technology to clean up the diamond market. Blockchain technology also has other uses. Think of fake news. If everything was recorded in a permanent online ledger, it would be easy to double-check claims and expose falsehoods before they spread through social media. The old system of institutional trust relied on handsomely-rewarded experts like lawyers and estate agents who were paid to act as middlemen in transactions.
Blockchain has the potential to make such intermediaries redundant. Public blockchains promise to make easily available all the data we need to make informed decisions.
The Complete Guide to the Revolutionary Platform Business Model
These companies represent a new trend in the types of business that investors prefer. Leaders of more traditional companies are left wondering why these upstarts merit such high valuations. Are they more profitable? Do they see faster growth? Do they have higher return on assets and lower marginal costs? Our research led to three key findings.
Has Who Can You Trust? Pick up the key ideas in the book with this quick summary. Indeed, on a daily basis, we use services provided by online companies whose names have become synonymous with such changes. So what do Uber, Airbnb and Alibaba have in common, and where did they come from? Rachel Botsman has a startling answer.
Big Digital Platforms
Network Orchestrator Companies are defined as: . They may sell products or services, build relationships, share advice, give reviews, collaborate, co-create and more. In , the term "Network Orchestrator" was officially used by the authors Remo and Julian,  after that several researches that followed used this nomination when referring to this structure of organizational relationship. A November Harvard Business Review article used the definition presented in proposing a new kind of business model , moving from the past standard of industrial classifications to a standard considering the principal way an organization invests its capital to generate and capture value. Network Orchestrators Companies are considered as more profitable companies, which have a faster growth, higher return on assets , lower marginal costs and larger profit margins.
Innovative business models are changing the world as we know it. Airbnb is the biggest accommodation provider worldwide without owning a single room, Uber is the biggest cab company without owning a single cab and Alibaba is the biggest retailer with no stock at all. All of them have come up with new business models to deliver, create, and capture value and many others do follow. We know their secret sauce.
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