Piattaforme digitali: Nuovi motori di innovazione o tiranni?

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Lezione Scuola di Liberalismo Fondazione Einaudi 2012

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Piattaforme digitali: Nuovi motori di innovazione o tiranni?

  1. 1. PIATTAFORME DIGITALI:Nuovi motori d’innovazione o tiranni in agguato? Carmelo Cennamo Scuola di Liberalismo 2012 Boston Consulting Group 16 Maggio 2012
  2. 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. 3. Publications & Awards AwardsScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  4. 4. FocusScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  5. 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. 6. Platform Markets: examplesScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  7. 7. My ResearchScuola di Liberalismo 2012 © Cennamo BCG, 16 Maggio 2012
  8. 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. 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. 10. Platform-centric view source: Cennamo (2012)Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  11. 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. 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. 13. PIATTAFORME DIGITALI: Nuovi motori d’innovazione o tiranni in agguato?Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  14. 14. ...few examplesScuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  15. 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. 16. Orchestration tradeoffs source: Cennamo (2012)Scuola di Liberalismo 2012 © C. Cennamo BCG, 16 Maggio 2012
  17. 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. 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. 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. 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. 21. !T h a n k Y o u carmelo.cennamo@unibocconi.it www.unibocconi.eu

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