This document summarizes David Teece's keynote on Big Tech and the digital economy. It makes three main points:
1. Traditional frameworks for analyzing competition are ill-suited for understanding Big Tech because innovation, ecosystems, and complements compete in new ways. Dynamic capabilities and ecosystems should be the focus, not static market structures.
2. Within ecosystems, complements can quickly become competitors, so they should be seen as potential competitors from the start. Platforms compete not just with substitutes but also with complements.
3. For competition policy to properly account for innovation, it needs a new dynamic framework analyzing long-term consumer welfare and the role of management capabilities in competition. Static analyses
Redefining Boundaries - Insights from IBM's Global C-suite Study 2015
So how are C-suite executives (CxOs) tackling the threat of competition from companies in other sectors or with very different business models? Our latest study explores what they think the future holds, how they’re identifying new trends and how they’re positioning their organizations to prosper in the “age of disruption.”
The Rise of the Platform Economy: Policy Issues, Business Choices, and Resear...SWiPE Research Project
Presentation by John Zysman, Professor Emeritus, UC Berkley. The presentation was held on 30 August 2016 in the Business and Work in the Era of Digital Platforms research seminar. The seminar was hosted jointly by BRIE-ETLA and SWiPE research projects.
Presentation by Tuomo Alasoini, Chief Adviser, Tekes (the Finnish Funding Agency for Innovation). The presentation consists of remarks based literature and presentations at the BRIE-ETLA & SWiPE seminar. The seminar was held on 30 August 2016 in the Business and Work in the Era of Digital Platforms research seminar in Helsinki, Finland, where SWiPE, Smart Work in the Platform Economy research project was launched. The seminar was hosted jointly by BRIE-ETLA and SWiPE research projects.
Economic and social activity facilitated by digital platforms that are typically online matchmakers or technology frameworks. Beyond examples like Amazon, Airbnb, Uber or Baidu, we dive into innovation & startup platforms, which provides a common technology framework upon which others can build, such as the many independent developers.
Topics:
- A fundamental change in business logic
- Basics of platform economy
- Value of data
- Connecting themes
- Platform economy business models
- Case: Startup Commons
- Designing platform economy business models
Redefining Boundaries - Insights from IBM's Global C-suite Study 2015
So how are C-suite executives (CxOs) tackling the threat of competition from companies in other sectors or with very different business models? Our latest study explores what they think the future holds, how they’re identifying new trends and how they’re positioning their organizations to prosper in the “age of disruption.”
The Rise of the Platform Economy: Policy Issues, Business Choices, and Resear...SWiPE Research Project
Presentation by John Zysman, Professor Emeritus, UC Berkley. The presentation was held on 30 August 2016 in the Business and Work in the Era of Digital Platforms research seminar. The seminar was hosted jointly by BRIE-ETLA and SWiPE research projects.
Presentation by Tuomo Alasoini, Chief Adviser, Tekes (the Finnish Funding Agency for Innovation). The presentation consists of remarks based literature and presentations at the BRIE-ETLA & SWiPE seminar. The seminar was held on 30 August 2016 in the Business and Work in the Era of Digital Platforms research seminar in Helsinki, Finland, where SWiPE, Smart Work in the Platform Economy research project was launched. The seminar was hosted jointly by BRIE-ETLA and SWiPE research projects.
Economic and social activity facilitated by digital platforms that are typically online matchmakers or technology frameworks. Beyond examples like Amazon, Airbnb, Uber or Baidu, we dive into innovation & startup platforms, which provides a common technology framework upon which others can build, such as the many independent developers.
Topics:
- A fundamental change in business logic
- Basics of platform economy
- Value of data
- Connecting themes
- Platform economy business models
- Case: Startup Commons
- Designing platform economy business models
A Review of Competition Policy for the Digital Era (Cremer et al Report)Nicolas Petit
This slide presentation reviews the much awaited 2019 report "Competition Policy for the Digital Era" written by Jacques Crémer, Yves de Montjoye and Heike Schweitzer. The report sets out a rich list of options for future EU competition policy in the digital sector. Given the close involvement of DG COMP in the fact finding process, it is likely that the report will make impact in decision making circles. This presentation critically reviews the main suggestions of the report, and tries to identify those items that are most likely to inform future EU competition policy evolutions.
This presentation by Helder Vasconcelos, Vice-Rector at Porto University, was made during the discussion “Merger Control in Dynamic Markets” held at the 18th meeting of the OECD Global Forum on Competition on 6 December 2019. More papers and presentations on the topic can be found at oe.cd/mcdym.
Technological innovation is reshaping markets and creating new opportunities for businesses at a faster rate than at any other time in living memory. But to realise the promise of greater economic growth, incumbent businesses, challengers and the policymakers who regulate them need to find a balance that encourages fairness without either stifling entrepreneurialism or compromising the public interest.
Finding this balance has proven difficult for businesses and industry regulators alike.
In order to build greater understanding of the trade-offs at play in ensuring a level playing field, this report explores the specific challenges that regulators face when it comes to disruptors, and explores workable models for increased collaboration between the public and private sectors.
Lund moligopolists - presentation (09 11 15) n petitNicolas Petit
Presentation on the dynamics of competition between digital economy firms like Google, Apple, Facebook, Amazon and Microsoft (“GAFAM”). It diagnoses a divorce between the discourse of the antitrust and trade regulation technocracy – ie specialist officials, lawyers and economists – which characterizes digital economy firms as lone monopolists active on narrow product markets sheltered from competition and the perception of other communities – ie technology pundits, business strategists and investors – who keep describing those firms as healthy oligopolists at war with each other. With this background, the presentation discusses the need for antitrust reform.
Chapter 3 Micro Foundations of Firm’s Advantage – Dynamic Capabil.docxchristinemaritza
Chapter 3: Micro Foundations of Firm’s Advantage – Dynamic Capabilities View
In a previous chapter, we learnt about resource-based view (RBV), knowledge-based view (KBV) and core competence view (CCV) hypotheses. A major limitation of these hypotheses is that they are not designed for the VUCA world – the world that is volatile, uncertain, complex and ambiguous. Therefore, they do not consider the entropy factors – the factors that act as disruptive forces in highly dynamic markets. In this chapter, we will examine three of the most important entry factors:
· mainstreaming of non-consumers, i.e. the rise of new groups of customers served using alternative sets of resources, knowledge and/or core competencies.
· political power play, i.e. the role of non-market – often government-supported - factors in enabling competing firms to develop alternative sets of resources, knowledge and/or core competencies.
· globalization games, i.e. the shifts in the advantages of different national markets, and as a consequence of the firms having investments in those markets.
Micro foundations of firm’s advantage refer to the structures, processes and behaviors that help firms navigate the VUCA world. Development of appropriate structures, processes and behaviors that are in tune with the VUCA world allows firms to be dynamic in their capability. Dynamic capability is the capability for recognizing and responding or adapting to significant market change. Dynamic capability view (DCV) hypothesis of strategic action is intended to help firms stay relevant and is of strategic advantage for larger corporates and their stakeholders.
In this chapter, we will also learn about different types of marketplaces, and how to classify these marketplaces using the niche density (number of firms in a marketplace) and carrying capacity (size of the market) approaches. It is important to recognize the link between the concept of dynamic capability and the type of marketplaces. By operating in different types of marketplaces across different business divisions or regional geographies, the firms may be able to gain experience and develop structures, processes, and behaviors to not only survive but also thrive in a VUCA world.
Exhibit 3.x illustrates the evolution of DCV, based on the refinements of RBV, KBV and CCV. KBV distinguishes capabilities (and knowledge-base of the capabilities) from resources. CCV distinguishes core competencies (creative integration and innovative combination of knowledge) from ordinary capabilities (articulation and replication of knowledge). DCV distinguishes transforming capabilities, from core competencies.
Exhibit 3.x: Refinements in RBV, KBV and CCV Bring DCV in Perspective
Entropy Mechanisms under Dynamic Environments
We need a significant revision in the original elitist assumptions of the RBV, KBV and CCV, to account for the success of firms in face of the environmental crisis and dynamism in the 21st century. R ...
Presentation delivered during 9th Seminar on Media and the Digital Economy (21-22 March 2019, Florence).
http://fsr.eui.eu/event/annual-scientific-seminar-on-media-and-the-digital-economy-9th-edition/
Is the next Uber coming your way?
CxOs are on high alert for competitors coming out of nowhere. Prepare for disruption – read the Global C-suite study.
Profiting from innovation in the digital economy teece 2018James Cracknell
David Teece's 1986 seminal work' Profiting from Innovation' set out a framework highly relevant to trhe industrial age but not so specific to address the digital landscape of today. The 2018 version has just done that. These are notes and musings from reading the paper, extracting valuable insight into IP and appropriations that protect. IOt also addresses the issues of how we reward the inventor in a permiable society,
Post-Industrial Concepts and Possibilities: An Argumentative ReportEdneil Jocusol
In this presentation, we'll discuss the points elaborated by Mark Poster (1990) and Fred Block (1990) in their books about Post-Industrial Society. This period of time tackles the generation and working environment after the Industrial Age. There are numerous misinterpretations and gray areas, both economic and social in nature, that need to be addressed and contextualized in the Modern Era such as the concepts of liberalism, free-market, metatheory, Neo-classical economics, and the Information Age. This presentation was discussed during one of the discourses in UP-Diliman Technology Management Center's subject TM281, otherwise known as Strategic Technology Planning.
Prof Shane Greenstein of Harvard Business School talks about his new book, How the Internet Became Commercial, at the Digital Initiative's Future Assembly.
Draft presentation prepared for ARNIC Spring 08 Workshop on "US Digital Policy in the Global Context: Issues and Prospects Beyond 2008"
http://arnic.info/workshop08.php
(copyright 2008 by authors)
Only few organizations wise up to new digital competitors, as they usually come from outside their own sector and are not taken seriously at first. Their allegedly inferior propositions confuse prominent players, who should in fact be the very first to be fully aware of potentially disruptive innovation.
To swing into action rapidly, existing organizations would be well advised to properly analyze anything resembling digital competition. Evidently, there are clear patterns behind the startup success marking a new techno-economic reality. Ecosystems, APIs, and platforms characterize this New Normal where customers have more freedom of choice and better service at lower costs.
These successful disruptors are called two-sided market players, also known as multi-sided platform players. Companies like Uber and Airbnb are getting all the media attention, however there are over 9000 players (and counting) active in almost every industry.
The new VINT report explores the new digital competition and presents:
A analysis of the success factors of disruption
10 design principles of the new digital competition like Unbundle your organization processes, APIs first. Access over ownership and Building trust with social systems
The need for every business to develop a API-strategy
An appeal to the CIO and the IT department to use a leading digital approach and map out an offensive technological route.
An attempt to form a general overview of virtual organisations, innovation and its requirements within a business context, leading to the presentation of a candidate method for vBusiness Operations.
A Review of Competition Policy for the Digital Era (Cremer et al Report)Nicolas Petit
This slide presentation reviews the much awaited 2019 report "Competition Policy for the Digital Era" written by Jacques Crémer, Yves de Montjoye and Heike Schweitzer. The report sets out a rich list of options for future EU competition policy in the digital sector. Given the close involvement of DG COMP in the fact finding process, it is likely that the report will make impact in decision making circles. This presentation critically reviews the main suggestions of the report, and tries to identify those items that are most likely to inform future EU competition policy evolutions.
This presentation by Helder Vasconcelos, Vice-Rector at Porto University, was made during the discussion “Merger Control in Dynamic Markets” held at the 18th meeting of the OECD Global Forum on Competition on 6 December 2019. More papers and presentations on the topic can be found at oe.cd/mcdym.
Technological innovation is reshaping markets and creating new opportunities for businesses at a faster rate than at any other time in living memory. But to realise the promise of greater economic growth, incumbent businesses, challengers and the policymakers who regulate them need to find a balance that encourages fairness without either stifling entrepreneurialism or compromising the public interest.
Finding this balance has proven difficult for businesses and industry regulators alike.
In order to build greater understanding of the trade-offs at play in ensuring a level playing field, this report explores the specific challenges that regulators face when it comes to disruptors, and explores workable models for increased collaboration between the public and private sectors.
Lund moligopolists - presentation (09 11 15) n petitNicolas Petit
Presentation on the dynamics of competition between digital economy firms like Google, Apple, Facebook, Amazon and Microsoft (“GAFAM”). It diagnoses a divorce between the discourse of the antitrust and trade regulation technocracy – ie specialist officials, lawyers and economists – which characterizes digital economy firms as lone monopolists active on narrow product markets sheltered from competition and the perception of other communities – ie technology pundits, business strategists and investors – who keep describing those firms as healthy oligopolists at war with each other. With this background, the presentation discusses the need for antitrust reform.
Chapter 3 Micro Foundations of Firm’s Advantage – Dynamic Capabil.docxchristinemaritza
Chapter 3: Micro Foundations of Firm’s Advantage – Dynamic Capabilities View
In a previous chapter, we learnt about resource-based view (RBV), knowledge-based view (KBV) and core competence view (CCV) hypotheses. A major limitation of these hypotheses is that they are not designed for the VUCA world – the world that is volatile, uncertain, complex and ambiguous. Therefore, they do not consider the entropy factors – the factors that act as disruptive forces in highly dynamic markets. In this chapter, we will examine three of the most important entry factors:
· mainstreaming of non-consumers, i.e. the rise of new groups of customers served using alternative sets of resources, knowledge and/or core competencies.
· political power play, i.e. the role of non-market – often government-supported - factors in enabling competing firms to develop alternative sets of resources, knowledge and/or core competencies.
· globalization games, i.e. the shifts in the advantages of different national markets, and as a consequence of the firms having investments in those markets.
Micro foundations of firm’s advantage refer to the structures, processes and behaviors that help firms navigate the VUCA world. Development of appropriate structures, processes and behaviors that are in tune with the VUCA world allows firms to be dynamic in their capability. Dynamic capability is the capability for recognizing and responding or adapting to significant market change. Dynamic capability view (DCV) hypothesis of strategic action is intended to help firms stay relevant and is of strategic advantage for larger corporates and their stakeholders.
In this chapter, we will also learn about different types of marketplaces, and how to classify these marketplaces using the niche density (number of firms in a marketplace) and carrying capacity (size of the market) approaches. It is important to recognize the link between the concept of dynamic capability and the type of marketplaces. By operating in different types of marketplaces across different business divisions or regional geographies, the firms may be able to gain experience and develop structures, processes, and behaviors to not only survive but also thrive in a VUCA world.
Exhibit 3.x illustrates the evolution of DCV, based on the refinements of RBV, KBV and CCV. KBV distinguishes capabilities (and knowledge-base of the capabilities) from resources. CCV distinguishes core competencies (creative integration and innovative combination of knowledge) from ordinary capabilities (articulation and replication of knowledge). DCV distinguishes transforming capabilities, from core competencies.
Exhibit 3.x: Refinements in RBV, KBV and CCV Bring DCV in Perspective
Entropy Mechanisms under Dynamic Environments
We need a significant revision in the original elitist assumptions of the RBV, KBV and CCV, to account for the success of firms in face of the environmental crisis and dynamism in the 21st century. R ...
Presentation delivered during 9th Seminar on Media and the Digital Economy (21-22 March 2019, Florence).
http://fsr.eui.eu/event/annual-scientific-seminar-on-media-and-the-digital-economy-9th-edition/
Is the next Uber coming your way?
CxOs are on high alert for competitors coming out of nowhere. Prepare for disruption – read the Global C-suite study.
Profiting from innovation in the digital economy teece 2018James Cracknell
David Teece's 1986 seminal work' Profiting from Innovation' set out a framework highly relevant to trhe industrial age but not so specific to address the digital landscape of today. The 2018 version has just done that. These are notes and musings from reading the paper, extracting valuable insight into IP and appropriations that protect. IOt also addresses the issues of how we reward the inventor in a permiable society,
Post-Industrial Concepts and Possibilities: An Argumentative ReportEdneil Jocusol
In this presentation, we'll discuss the points elaborated by Mark Poster (1990) and Fred Block (1990) in their books about Post-Industrial Society. This period of time tackles the generation and working environment after the Industrial Age. There are numerous misinterpretations and gray areas, both economic and social in nature, that need to be addressed and contextualized in the Modern Era such as the concepts of liberalism, free-market, metatheory, Neo-classical economics, and the Information Age. This presentation was discussed during one of the discourses in UP-Diliman Technology Management Center's subject TM281, otherwise known as Strategic Technology Planning.
Prof Shane Greenstein of Harvard Business School talks about his new book, How the Internet Became Commercial, at the Digital Initiative's Future Assembly.
Draft presentation prepared for ARNIC Spring 08 Workshop on "US Digital Policy in the Global Context: Issues and Prospects Beyond 2008"
http://arnic.info/workshop08.php
(copyright 2008 by authors)
Only few organizations wise up to new digital competitors, as they usually come from outside their own sector and are not taken seriously at first. Their allegedly inferior propositions confuse prominent players, who should in fact be the very first to be fully aware of potentially disruptive innovation.
To swing into action rapidly, existing organizations would be well advised to properly analyze anything resembling digital competition. Evidently, there are clear patterns behind the startup success marking a new techno-economic reality. Ecosystems, APIs, and platforms characterize this New Normal where customers have more freedom of choice and better service at lower costs.
These successful disruptors are called two-sided market players, also known as multi-sided platform players. Companies like Uber and Airbnb are getting all the media attention, however there are over 9000 players (and counting) active in almost every industry.
The new VINT report explores the new digital competition and presents:
A analysis of the success factors of disruption
10 design principles of the new digital competition like Unbundle your organization processes, APIs first. Access over ownership and Building trust with social systems
The need for every business to develop a API-strategy
An appeal to the CIO and the IT department to use a leading digital approach and map out an offensive technological route.
An attempt to form a general overview of virtual organisations, innovation and its requirements within a business context, leading to the presentation of a candidate method for vBusiness Operations.
Similar to Big Tech and the Digital Economy Keynote (20)
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Observability Concepts EVERY Developer Should Know -- DeveloperWeek Europe.pdfPaige Cruz
Monitoring and observability aren’t traditionally found in software curriculums and many of us cobble this knowledge together from whatever vendor or ecosystem we were first introduced to and whatever is a part of your current company’s observability stack.
While the dev and ops silo continues to crumble….many organizations still relegate monitoring & observability as the purview of ops, infra and SRE teams. This is a mistake - achieving a highly observable system requires collaboration up and down the stack.
I, a former op, would like to extend an invitation to all application developers to join the observability party will share these foundational concepts to build on:
In his public lecture, Christian Timmerer provides insights into the fascinating history of video streaming, starting from its humble beginnings before YouTube to the groundbreaking technologies that now dominate platforms like Netflix and ORF ON. Timmerer also presents provocative contributions of his own that have significantly influenced the industry. He concludes by looking at future challenges and invites the audience to join in a discussion.
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Test Automation with generative AI and Open AI.
UiPath integration with generative AI
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In the rapidly evolving landscape of technologies, XML continues to play a vital role in structuring, storing, and transporting data across diverse systems. The recent advancements in artificial intelligence (AI) present new methodologies for enhancing XML development workflows, introducing efficiency, automation, and intelligent capabilities. This presentation will outline the scope and perspective of utilizing AI in XML development. The potential benefits and the possible pitfalls will be highlighted, providing a balanced view of the subject.
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- https://x.com/viglovikov
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Website: https://albumentations.ai/
LinkedIn: https://www.linkedin.com/company/100504475
Twitter: https://x.com/albumentations
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1. Big Tech and the Digital
Economy Keynote
Center for Intellectual Property Forum
December 8, 2020
David J. Teece
Institute for Business Innovation
UC Berkeley, CA
Berkeley Research Group Institute
2. NEED FOR NEW INTELLECTUAL FRAMEWORK
The very nature of competition has changed…
because of innovation, the internet, and Big
Data… but our intellectual frameworks,
analytic tools, and mindsets, have not.
2
3. COMPETITION ECONOMISTS HAVE NOT YET
PROVIDED THE RIGHT LENS FOR UNDERSTANDING
BIG TECH… BECAUSE THE ANALYTIC TOOLS AT
HAND ARE STATIC, AND THUS ILL ADAPTED
“Innovation over the longer run will deliver very large consumer welfare
gains” yet competition authorities “routinely struggle to account for
dynamic effects”
Christine Wilson
FTC Commissioner
Sept 11, 2019
“Antitrust has historically focused on static (rather) than dynamic analysis…
for a number of reasons. First the antitrust community… both lawyer and
economists… have far greater familiarity and comfort with static analysis
rather than dynamic analysis. Third there’s a perception… that dynamic
analysis is less well developed…”
Thomas Rosch
FTC Commissioner
2010
3
4. TRADITIONAL VIEW
• Competition comes from rivalry within
industries and/or from substitute products.
• Numbers of competitors and entry barriers
and other structural issues are key indicia of
competitive market structure.
• Competition drives innovation.
4
5. DIGITAL ECONOMY COMPETITION
• Innovation drives competition as much as
competition drives innovation
• Ecosystems, not relevant markets, should be the
unit of initial analysis
• Within ecosystems complements compete too.
– Companies with complements and substitutes both
compete for available profits/rents, i.e., profits/rents in the
ecosystem that can be contested vertically, horizontally,
and laterally.
– Complementors can quickly morph into competitors…
perhaps it’s better to see them as competitors or at least
as potential competitors from the outset?
5
6. COMPETITION FROM COMPLEMENTS:
Example One
6
A FOCAL PRODUCT/MARKET COMPLEMENT
1 Apple II VisiCalc
Visicalc helped the sales of Apple II
2 IBM PC Lotus 1-2-3
Lotus 1-2-3 helped IBM, and hurt VisiCalc (and VisiCorp)
3 IBM PC Microsoft Excel
Excel knocked out Lotus 1-2-3 as well as VisiCalc, which in turn hurt
the Apple II
Example Two
A FOCAL PRODUCT/MARKET COMPLEMENT
1 Movie studios Netflix (distributor)
Netflix uses big data to enter the film production business and
compete with the studios
7. IMPLICATIONS OF DIGITAL COMPLEMENTS
FOR COMPETITION POLICY
1. Relevant product markets are no longer meaningful as
arenas for accessing competition.
2. Broader ecosystem is the better competitive arena to
study:
– Within ecosystems substitutes compete with
complements
– Entry barriers are no longer relevant… “isolating
mechanisms” is a better construct
3. Nicolas Petit’s broad spectrum competition also tells
us that competition is better assessed at the
ecosystem to ecosystem level.
7
8. MOREOVER, PLATFORMS THAT DO NOT
INNOVATE WILL BE OVERTAKEN BY OTHERS
OFFERING SOMETHING BETTER
• Incumbency only gives you a seat at the table for
the next round of innovation which can come from
360°.
• Excite and Lycos lost the search engine game to
Yahoo. Then Yahoo lost out to Google.
• Absent strong dynamic capabilities, incumbents
and new entrants alike will fail.
8
9. THE ABSENCE OF A FULLY OPERATIONAL DYNAMIC
COMPETITION FRAMEWORK INVITES FILLING THE
VOID WITH SHIBBOLETHS FROM THE PAST
Some (e.g., Kahn) view Big Tech like industrial age railroads and oil
“trusts”… ignoring role of complements and broad spectrum
competition
It’s not just about n-sided platforms… they are just one of many
features of the tech sector
Data curating and orchestration are critical to competitive advantage
but rarely draw consideration from those that purport to understand
competitive outcomes
Reckless focus on divesture… without an understanding of how big
data matters for competition policy as well as competitiveness
9
10. RECOGNIZE THAT NEW ENTRY IS QUITE
POSSIBLE… IF YOU HAVE STRONG
DYNAMIC CAPABILITIES
• “Indirect entry” and competition from complementors
is very powerful
• New entrants can successfully target particular market
segments with differentiated offerings, thereby
disrupting/ challenging bigger players
• Size alone affords little protection:
• Workstation disrupted mainframes
• PC’s disrupted workstations
• Tablets disrupted laptops
• Successful new entrants in tech today are generally not
“me too” imitators/emulators but firms that innovate in
order to meet previously underserved customer needs
10
11. SEAMLESS INTEGRATION SHOULD NOT BE ATTACKED;
IT IS AN ENABLER OF DYNAMIC COMPETITION
• Ease of use is important (to consumers) in digital
markets
• Because something is difficult to replicate it doesn’t
follow that it should be regulated
11
12. THE EC PROPOSED MARKET INTERVENTIONS SEEK
TO ENHANCE COMPETITION AMONG PLATFORMS BY
MAKING DATA AVAILABLE TO POTENTIAL RIVALS
• There seems to be no considerations given to the
impact on dynamic competition e.g., how will this
impact the incentive to generate and store
information in the first place?
• There seems to be no analysis of competitive
effects… and simply an assumption of improvement
12
13. WHATEVER POLICY CHANGES ARE MADE,
IT IS IMPORTANT TO ADHERE TO ELEMENTS OF
POLICY THAT PROMOTE INNOVATION AND
DYNAMIC COMPETITION
• Respect intellectual property rights
• Protect business confidential data
• Favor business conduct that keeps “me too” imitators at bay
• Incumbents ought not be required to provide a helping hand to
competitors… absent exceptional circumstances
• Price services at a full cost if duties are mandated
• Understand the nature of systemic competition from China
• Understand that business failures are often due to the lack of
strong dynamic capabilities
13
14. SOME BUILDING BLOCKS FOR A
THIRD WAY FORWARD
1. The theory of complements needs to be developed further
2. Moligopoly captures broad spectrum competition amongst and
between Big Tech players.
3. Broaden the (consumer) welfare standard and insist on
long-term welfare to embrace innovation
4. Competitive outcomes can be shaped by firm-level dynamic
capabilities (requiring entrepreneurial management) as much as by
market position. The latter is often meaningless (only the paranoid and
the dynamically capable survive)
5. Antitrust should allow innovators to capture Schumpeterian
and Ricardian rents but be skeptical of practices that generate naked
monopoly rents
6. Need to develop a meaningful and operational theory of potential
competition based on capabilities… which will give merger
enforcement agencies a better chance of blocking anticompetitive
transactions and approving good ones
ABSENT AN UNDERSTANDING OF ORGANIZATION CAPABILITIES AND HOW
THEY EVOLVE, MISTAKES (BOTH TYPE I & II) WILL CONTINUE TO BE MADE
14
15. FIASCOS CAUSED BY ABSENCE OF DYNAMIC
COMPETITION FRAMEWORK?
1. Facebook acquisition of Instagram (type II error?)
2. FTC case against Qualcomm (overturned by 9th
Circuit) (type I error?)
3. Alstrom – Siemens merger (type I error?)
15
16. ITISIMPERATIVE FOR REGULATORS TO HARMONIZE
INDUSTRIAL POLICY, TECHNOLOGY POLICY,AND
COMPETITION POLICY
• Competitiveness (an industrial policy construct):
Competitiveness for a nation is defined as the degree to which it can, under
free and fair market conditions, produce goods and services and meet the
test of international markets while simultaneously maintaining and expanding
the real income of its citizens…close to a total welfare standard
• Competitive Markets (a competition policy construct):
Those where the competition process is functioning well and (long term)
consumer welfare is maximized.
• EU and US industrial and competition policy must be in harmony:
To deal with systemic competition from Chinese business entities. Industrial
policy and competition policy are unified in China
DYNAMIC COMPETITION CAN BE THE COMMON THREAD TO
HARMONIZE COMPETITION POLICY, INDUSTRIAL POLICY,
AND TECHNOLOGY POLICY.
16
17. CONCRETE SUGGESTIONS FOR
E.C. COMMISSIONER VESTAGER
• The field of industrial economics has let her down and the
advice she is getting is sophomoric
• Recognise that it will take some time to build a sound
intellectual and policy framework which favors dynamic
competition over static
• Come to grips with an understanding of how the nature of
competition in Big Tech is different in important ways that
matter for policy. Initial focus should be on:
– Role of Big Tech itself competing with other Big Tech
– Role of complements and complementors as competitors
– Role of platforms
– Role of dynamic capabilities – management matters.
17
18. EUROPE NEEDS STRONGER DYNAMIC
CAPABILITIES TO BECOME MORE
COMPETITIVE… BOTH THEN (1967) AND NOW!
“it is time for us to take stock and face the hard
truth… what threatens to crush us today is… a more
intelligent use of skills”
What Europe needs is “the ability to transform an idea
into reality through… the talent for coordinating skills
and making rigid organizations flexible” i.e., dynamic
capabilities!
Jean-Jacques Servan-Schreiber
Le Défi Américain
1967
18
19. SOME REFERENCES TO
“THIRD WAY” WORK
1. Teece, David J., “Innovation, Governance, And Capabilities: Implications For Competition
Policy. A Tribute to Nobel Laureate Oliver Williamson by his Colleague and Mentee David J.
Teece,” Industrial and Corporate Change, forthcoming 2020.
2. Teece, David J., “Profiting from Innovation in the Digital Economy” Research Policy (2018).
3. Teece, David J., “Dynamic capabilities and entrepreneurial management in large
organizations: Toward a theory of the (entrepreneurial) firm” European Economic Review
(2016).
4. Teece, David J., “Next Generation Competition: New Concepts for Understanding How
Innovation Shapes Competition and Policy in the Digital Economy” Journal of Law,
Economics and Policy (Fall 2012).
5. Teece, David J., “Dynamic Competition in Antitrust Law” (with J. Gregory Sidak), Journal of
Competition Law & Economics 5:4 (December 2009), 581–631.
6. Teece, David J., “The Analysis of Market Definition and Market Power in the Context of
Rapid Innovation” (with Christopher Pleatsikas), International Journal of Industrial
Organization 19:5 (April 2001), 665–693.
7. Teece, David J., “The Meaning of Monopoly: Antitrust Analysis in High-Technology
Industries” (with Mary Coleman), The Antitrust Bulletin 43:3/4 (Fall–Winter 1998), 801–
857.
8. Teece, David J. with N. Petit “Big Tech, Big Data, and Competition Policy,” forthcoming
19