Story Board: The Collaborative Economy for Corporations (Official Slideshare Version)
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Story Board: The Collaborative Economy for Corporations (Official Slideshare Version)
•345 likes•278,215 views
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You may have read the report, the "Collaborative Economy Value Chain" now read the official slideshare storyboard version. This slideshare deck sets up the challenges, gives examples, explores causes, but provides three recommendations for corporations to adopt the Collaborative Economy
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Story Board: The Collaborative Economy for Corporations (Official Slideshare Version)
- 1. Jeremiah Owyang What Companies Must Do When Customers Share –Rather Than Buy The Official SlideShare on the Collaborative Economy Jeremiah Owyang Industry Analyst
- 2. Jeremiah Owyang Why is the crowd becoming more powerful than companies?
- 3. Jeremiah Owyang How much will it hurt when the crowd doesn’t need to buy from companies?
- 4. Jeremiah Owyang What should a company do to respond and stay profitable?
- 5. Jeremiah Owyang Why embrace a Collaborative Economy?
- 6. Jeremiah Owyang Let’s look at the past to see where we’re going
- 7. Jeremiah Owyang The First Era: A few people could publish on the internet Source: Altimeter Group, the Collaborative Economy Report, 2013
- 8. Jeremiah Owyang Few of us can publish, I talk, and you listen.
- 9. Jeremiah Owyang The Second Era: Anyone can publish using social tools Source: Altimeter Group, the Collaborative Economy Report, 2013
- 10. Jeremiah Owyang Hmmm. I’ve lost media power. We can speak our minds, and hear trusted opinions.
- 11. Jeremiah Owyang The Third Era: Using same social tools people share products Source: Altimeter Group, the Collaborative Economy Report, 2013
- 12. Jeremiah Owyang Using these social sharing sites, I can easily get products and services I can get goods at no cost from friends. I don’t need to shop at companies.
- 13. Jeremiah Owyang They stole my cheese. *Sniffle* What role do corporations play if people don’t need them?
- 14. Jeremiah Owyang The first instinct is for companies to fight it
- 15. Jeremiah Owyang But they don’t have to fight –they can join
- 16. Jeremiah Owyang Ownership and access is shared between corporations, startups and people. The Collaborative Economy. An Opportunity: A New Economic Model
- 17. Jeremiah Owyang The only way, is to let go to gain more. For companies to succeed in the collaborative economy
- 18. Jeremiah Owyang Question: Is this a business disruption?
- 19. Jeremiah Owyang Sharing is not new, our Moms taught us to do it!
- 20. Jeremiah Owyang But now, people can use technology to do it at a scale without boundaries
- 21. Jeremiah Owyang Imagine you’re going on a business trip And you can tap the crowd to get what you need—without buying from companies
- 22. Jeremiah Owyang Transportation Use another person’s car –instead of a taxi corporation.
- 23. Jeremiah Owyang Lyft enables crowd to be transportation –avoiding taxis
- 24. Jeremiah Owyang Hospitality …use AirBnb and stay at someone’s house –rather than a hotel.
- 25. Jeremiah Owyang AirBnb enables crowd to be a hotel
- 26. Jeremiah Owyang Funding …use peer lending websites to borrow money from the crowd –rather than go to a bank.
- 27. Jeremiah Owyang LendingClub enables crowd to be a bank
- 28. Jeremiah Owyang Staffing …hire people from the crowd –rather than working with traditional staffing agencies or HR.
- 29. Jeremiah Owyang oDesk enables crowd to be a workforce
- 30. Jeremiah Owyang Facilities …rent office space from other companies that have extra space–rather than work with a traditional property manager.
- 31. Jeremiah Owyang LiquidSpace enables companies to rent from each other
- 32. Jeremiah Owyang Food and beverage …enjoy a home cooked meal from someone’s home kitchen—rather than eat at a restaurant.
- 33. Jeremiah Owyang Feastly enables your neighbors’ kitchens to be a restaurant
- 34. Jeremiah Owyang Goods and products …get goods and products from the crowd at no cost for our office and home –rather than buying at a store.
- 35. Jeremiah Owyang Yerdle enables neighbors to gift goods –rather than buy
- 36. Jeremiah Owyang The impact of sharing can be quite severe Customers can buy once –and share many times amongst each other –reducing the need to buy again.
- 37. Jeremiah Owyang A properly shared car is… $270,000 Lost Revenue of Auto Sales (1 shared car = 9 cars at average of $30k each.)
- 38. Jeremiah Owyang What’s causing this? Three major factors.
- 39. Jeremiah Owyang Societal factors: Access is more important than ownership • Younger generation, or saddled by debt, are realizing access to goods is better than owning them. • Population density and many global cultures are accustomed to sharing. • It means, people don’t need to buy and own things to get what they need.
- 40. Jeremiah Owyang Economic factors: Activate idle resources • As population grows, earth’s resources stay fixed. • It means that: “it pays to buy quality, especially when we can re-use or resell to others.”
- 41. Jeremiah Owyang Technology enables easy sharing globally and locally • 87 phones per 100 people on planet • Three quarters of startups use social tech like Facebook
- 42. Jeremiah Owyang Venture Investors fuel this movement – these startups won’t go away in near time. Out of 200 collaborative economy startups, total funding was over $2 billion Of those funded, the average was $28 million (May 2013, Lyft raised $60m)
- 43. Jeremiah Owyang The sharing revolution is an unstoppable movement* *Caveat: The only way to stop this movement, is to stop the internet.
- 44. Jeremiah Owyang What can companies do when they’ve lost power to the crowd? There is a solution
- 45. Jeremiah Owyang Collaborative Economy: Value Chain The key is to change the way we think: • Products become services • Services become marketplaces • Marketplaces build your products
- 46. Jeremiah Owyang 1) Company as a Service • Products become services • Customers want access to products, but may not want to own them • Companies must change the relationship and offer • Renting • subscribing • or event lending.
- 47. Jeremiah Owyang Company as a service isn’t new!
- 48. Jeremiah Owyang Reality: Toyota and BMW rent cars, as a service • For companies that have high durable goods, unattainable luxuries, idle inventories, or high consideration purchases, allow them to now be a service. • Example: Toyota and BMW now rent cars from their dealership in SF bay area. • To get ahead of changing consumer needs, Toyota and BMW are now services.
- 49. Jeremiah Owyang Dollar Shave Club offers razors as a service
- 50. Jeremiah Owyang Peugeot offers Mobility as a service –even renting vans, cars, buses, and bikes
- 51. Jeremiah Owyang 2) Motivate a Markeplace • Shift services to become a marketplace • Motivating a marketplace is specific. You can’t own the marketplace, you can’t manage it, you simply must help usher them along. In this use case, the goal is to get the people to do these actions among themselves.
- 52. Jeremiah Owyang Shifting services to become a marketplace • If your company offers services, like a hospitality company serves guests, then learn how to tap into the marketplaces that are already forming in the sharing economy. • There are a number of new activities that people can perform, including resell, co-own, swap goods, lend to each other, or gifting.
- 53. Jeremiah Owyang Motivate a Market • People are bypassing hotels to stay at unique experiences, using websites like Airbnb. • Example: Rather than stand by the wayside, Lewis discovered a new market opportunity for his guest room to be certified as Marriott certified. • A large brand brings TRUST.
- 54. Jeremiah Owyang Motivate a Market • Marriot would then funnel trusted guests, perhaps from a loyalty program, and even offer maid, food, or concierge services. • Everyone wins: Lewis gets a trusted guest, the guest gets a local experience at a certified home, and Marriot gets a cut of the transactions –that they would have missed out on completely.
- 55. Jeremiah Owyang ScotteVest enables second market
- 56. Jeremiah Owyang Patagonia enables second market and altruism
- 57. Jeremiah Owyang 3) Collaborative Economy: Value Chain • In this third phase, companies who have marketplaces, must activate them to build their future products. • We call this “provide a platform.” It means that companies must empower their crowds to build future products and services.
- 58. Jeremiah Owyang Provide a Platform This is the hardest level –but yields the most benefits.
- 59. Jeremiah Owyang Collaboration Many startups are already collaborating with users: -Ideation sites like UserVoice co-ideate new products -Kickststarter co-funds new ideas -Quickly co-builds new products
- 60. Jeremiah Owyang Imagine if collaboration was extended to: • Co Funding • Co Ideation • Co Creation • Co Distribution • Co Marketing • Co Selling • Co Revenue
- 61. Jeremiah Owyang Co-Fund new products like Kickstarter
- 62. Jeremiah Owyang Co-Design products like Nike
- 63. Jeremiah Owyang Co-Develop like Quirkly
- 64. Jeremiah Owyang Co-Customize like Etsy
- 65. Jeremiah Owyang Co-Produce with 3D Printers
- 66. Jeremiah Owyang Co-Storage of Products with Lockitron
- 67. Jeremiah Owyang Co-Deliver with Deliv
- 68. Jeremiah Owyang A crowd built a car: Wikispeed Community led project that: Is crowd co-funded, co- designed, and co-built a working 100MPG car. The crowd designs components, 3D prints them, and mails them to central location for assembly. Car is being sold at $25K per auto.
- 69. Jeremiah Owyang Collaboration It may be hard to tell the difference between employees and customers as new products are built from the crowd. But the costs of building are leveraged by the crowd, reducing the costs of the company.
- 70. Jeremiah Owyang Radical –but Efficient: The Crowd Becomes the Company In this future state, the crowd will efficiently fulfill nearly all corporate functions. The only thing remaining,could be ecommerce software and a logo!
- 71. Jeremiah Owyang Collaborative Economy: Value Chain • The advanced company will deploy all three strategies. • Startups that partner with corporations have opportunities that others don’t.
- 72. Jeremiah Owyang What will challenge us as we move forward?
- 73. Jeremiah Owyang Opposing Market Forces Abound 1. Corporate mindset wants to hold onto control –and revenue models 2. Many governments, lobbyists, and institutions oppose 3. Fragmented startup scene creates confusion 4. Excess of startups creates uncertainty on which will last
- 74. Jeremiah Owyang What are your benefits for letting go to the collaborative economy?
- 75. Jeremiah Owyang More efficient, as the crowd helps you 1 2 A long-term relationship with your vested customers 3 New value created between people, means new revenues 4 If you act now, you will have first mover advantage Benefits to letting go
- 76. Jeremiah Owyang Collaborative Goal: Activate the market around you Opportunity – Harness new business transactions that you were missing out on. Take 20% cut from every market transaction. Sell new value-added services.
- 77. Jeremiah Owyang To gain this new economy and market, you must leap across, leaving behind old business models
- 78. Jeremiah Owyang The Collaborative Economy Jeremiah Owyang Industry Analyst @jowyang web-strategist.com owyang.jeremiah@gmail.com