While platforms are one of the most important business models of the 21st century, the reality is that most fail.
enable third-party firms to add complementary products and services to a core product or technology. Prominent examples include Google Android and Apple iPhone operating systems as well as Amazon Web Services. The other type,, enable the exchange of information, goods, or services. Examples include Amazon Marketplace, Airbnb, or Uber.
The problem is that platforms fail at an alarming rate. By identifying the sources of failure, managers can avoid the obvious mistakes. We grouped the most common mistakes into four categories: mispricing on one side of the market, failure to develop trust with users and partners, prematurely dismissing the competition, and entering too late.
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