News Formal

Should Your Company Build an Open or Closed Ecosystem?

  • 📰 HarvardBiz
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 63%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

One of the biggest decisions companies need to make is whether they want to build in a closed, proprietary ecosystem or an open one. While this is often thought of as a problem for digital companies, it applies to electric car makers, coffee makers, and more. When deciding, companies should follow four principles: 1) embrace the idea that open vs.

closed is a spectrum, not a binary, 2) balance benefits and costs through centralized governance, 3) pursue strategic differentiation through different levels of openness, and 4) help educate regulators on the tradeoffs.

Most companies, at one point or another, need to decide what kind of ecosystem they want to build or operate in. Consider a coffee maker like Keurig. Should it supply all of the pods for its machines or should it allow third parties to provide them ? Similarly, electric vehicle manufacturers like Tesla face the decision of whether to make their charging stations exclusive to their own cars or available to competitors.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 310. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

OceanGate co-founder says company didn't originally set out to build its own subGuillermo Sohnlein testified in a Coast Guard hearing on the Titan implosion.
Source: ABC - 🏆 471. / 51 Read more »

OceanGate Co-Founder Says Company Didn't Originally Plan To Build Its Own SubmersiblesGuillermo Sohnlein, co-founder and former CEO of OceanGate, testified at the U.S. Coast Guard's investigation into the Titan submersible implosion that the company's initial plan wasn't to build its own vessels. He said their vision was to acquire a fleet of commercial submersibles for charter.
Source: ABC - 🏆 471. / 51 Read more »

51-year-old introvert overcame her 'worst nightmare' to build her $1.2 billion companyAngie Hicks, the co-founder of Angi (formerly Angie's List), started the home services company with her former boss, Bill Oesterle, when she was 22 years old.
Source: CNBC - 🏆 12. / 72 Read more »

US Adds Chinese Steel Company, Sweetener Maker To Entity List Over Forced LaborThe US has added a Chinese steel company and an artificial sweetener manufacturer to its entity list, accusing them of using forced labor from Xinjiang. This marks the first time a China-based steel company or aspartame sweetener business have been targeted by US law enforcement.
Source: nbcchicago - 🏆 545. / 51 Read more »

US Blacklists Chinese Steel Company, Sweetener Maker Over Alleged Forced LaborThe US Department of Homeland Security (DHS) added a Chinese steel company and an aspartame sweetener maker to its entity list under the Uyghur Forced Labor Prevention Act, accusing them of involvement in forced labor practices in China's Xinjiang region. This marks the first time a China-based steel company or aspartame business has been targeted by US law enforcement.
Source: NBCDFW - 🏆 288. / 63 Read more »