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Piattaforme digitali: Nuovi motori di innovazione o tiranni?

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Lezione Scuola di Liberalismo Fondazione Einaudi 2012

Lezione Scuola di Liberalismo Fondazione Einaudi 2012

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  • 1. PIATTAFORME DIGITALI:Nuovi motori d’innovazione o tiranni in agguato? Carmelo Cennamo Scuola di Liberalismo 2012 Boston Consulting Group 16 Maggio 2012
  • 2. Assistant Professor @ Bocconi Area: Strategy Teaching: Entrepreneurship & Business Planning Research Coordinator: GOLDEN for sustainability PhD Management @ IE Business School Research Visiting Fellow (2009) @ Harvard U. MSc Economics @ Bocconi BA Law & Economics @ BocconiScuola di Liberalismo 2012 © Cennamo BCG, 16 Maggio 2012
  • 3. Publications & Awards AwardsScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 4. FocusScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 5. The phenomenon Competition between incompatible technology platforms • Technological standards battles (Suarez, 2004) • Fierce competition to win the market (“winner-take-all”) (e.g., Eisenmann et al. 2006; Schilling, 2002) Platform: interface mediating distinct but interdependent groups of users that transact on the platform to obtain value (Evans, 2003; Hagiu, 2005; Rochet & Tirole, 2003, 2006) The market race unfolds through accumulation of co- specialized assets (complementary applications) and users installed baseScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 6. Platform Markets: examplesScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 7. My ResearchScuola di Liberalismo 2012 © Cennamo BCG, 16 Maggio 2012
  • 8. Functioning & Evolution: Economics view System evolution driven by (indirect) network effects (e.g., Armstrong 06; Caillaud & Jullien 03; Clements & Oashi 05; Eisenmann et al. 06; Hagiu 05, 09; Rochet & Tirole 03, 06) Users Installed Base Higher-level Platform Platform mechanisms System Performance – Market Share Complementary ApplicationsPlatform-level mechanismsAggressive PricingRoyalties structure-fees Feedback effectScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 9. Functioning & Evolution: Technology view System evolves according to waves of innovation (e.g., Schilling 02, 03; Sheremata 04; Suarez 04, 05;Venkatraman & Lee 04; Wade 95)Technological Technological Technological Selection Bandwagons Dominance Regime of Users Installed appropriability Base Switching costs Platform Platform Characteristics Performance System technological field Social dynamics Complementary Applications Platform-level mechanisms Technological superiority Licensing–Timing–MarketingScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 10. Platform-centric view source: Cennamo (2012)Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 11. Platform challenges Create value for platform users!!! Reduce tech & mkt uncertainty (shadow entry barrier); trigger initial demand (Hill 97; Sheremata 04) Pricing structure on two sides (Hagiu 05; Eisenmann et al. 06; Rochet & Tirole 06) Managing users expecations (Suarez 04) Improve quality, facilitate investments in specialized assets (Rothaermel et al. 06) Manage innovation appropriability to enhance potential for value creation (Hagiu & Yoffie 09; Gawer & Henderson 07) Foster network dynamic stability (growth) by envisioning/structuring roles & interdependencies of developers (“ecosystem architecture”) (Jacobides et al. 06; Ozcan & Eisenhardt 09; Gawer 10)Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 12. Strategic issues Switching costs Lock-in effects compatibility issues (apps & (co-)specialized complementary products) investments learning investments “portfolio” effect (software, interface...) + Hold-up problems exclusivity contracts pricing/competition (indirect) Network effects “mutual hostages” winner take-all dynamics Incentives for exploitationScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 13. PIATTAFORME DIGITALI: Nuovi motori d’innovazione o tiranni in agguato?Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 14. ...few examplesScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 15. Quality vs. Competition 7.4 7.2 Title Quality (fitted)“Escape 7competition”vs. “rent effect” 6.8 6.6 6.4 0 10 20 40 Title Competition source: Cennamo & Santaló (2012)Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 16. Orchestration tradeoffs source: Cennamo (2012)Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 17. Orchestration tradeoffsExclusivity licensing& apps marketcompetition create conflicts if implemented with same intensity (“market for lemons”) source: Cennamo & Santaló (in press)Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 18. pro Innovation Engines Digital convergence Disrupts existing industry Technological (disruptive) innovation boundaries and economics Business model innovation “Envelopment” opportunities Relative importance of users experience quality Reduce lock-in effects Focus on quality Relative importance of users heterogenous preferences Ecosystem orchestration is key!Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 19. pro Tyranny Incremental technology innovation Strong switching costs & Relative importance of compatibility lock-in effects Homogenous preferences Winner take-all dynamics no credible commitment “get-big-fast” logic Strong network effects Focus on exploitation of network effectsScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 20. Implications Industry Architecture Platform traits Ecosystem Architecture Platform Competition • Firm History • Strategic Customers maneuvering • Vision Base • Capabilities (tech & • Strategic positioning orchestration) • Management of Complementors/ expectations • Strategic objectives Applications • Network effects & lock-in Multidimensional game!Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  • 21. !T h a n k Y o u carmelo.cennamo@unibocconi.it www.unibocconi.eu

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