Ep112 Podcast Show Notes: Geoffrey Parker and the Platform Revolution
About Geoff Parker
Geoffrey Parker is a professor of management science at Tulane University and a research scientist at the MIT Initiative for the Digital Economy. Parker has contributed to industrial organization economics as co-developer of the theory of two-sided markets. He studies distributed innovation, business platform strategy, and the integration of distributed and renewable energy resources. The National Science Foundation, the Department of Energy, and numerous corporations have supported his research. Parker advises senior leaders and is a frequent speaker at academic conferences and industry events. He received his B.S. from Princeton and his M.S. and Ph.D. from MIT.
His new book, “Platform Revolution: How Networked Markets Are Transforming the Economy–And How to Make Them Work for You,” is co-authored with Sangeet Paul Choudary and Marshall W. Van Alstyne.
Key Conversation Points
- Defining and understanding the platform model/business
- Comparing product business to platform business
- Understanding how a product business successfully integrates a platform
- Considering platform businesses as a great fit for introverted entrepreneurs
- Recognizing industries that are suitable and unsuitable for platform disruption
- Acknowledging the risks and rewards of the platform business model
Detailed Conversation Highlights
Geoff acknowledges his introverted side, and how it is helpful when it comes to organizing teams. Platform companies are companies that share their resource with their users’ resources and assets under a contractual model. Many times, platforms have limited to no ownership of the assets used, because they are supplied by customers and the platform can act as a “matchmaking” service. Sometimes product companies end up producing platforms that are successful, such as Apple’s iTunes platform. Platform business are an ideal match for introverted entrepreneurs, because as long as you operate within the guidelines, you are free to alter and add to content without having to interact with anyone, or gain approval. There are many industries that have already been disrupted and revolutionized via platforming and low cost, easy access to information. The media is a prime example. If and how quickly an industry utilizes platforms depends on regulation, cost and risk. However, there are going to be facets of certain industries where platforming will not be suitable. Other times, platforms are not built properly and can encourage integration of negative aspects as more people use them. A prime example is MySpace. When considering building a platform, it is important to ask what the prime transaction is, and to build an accessible user experience around that.
Resources Mentioned in the Podcast
Platform Revolution: How Networked Markets Are Transforming the Economy–And How to Make Them Work for You — Sangeet Paul Choudary, Marshall W. Van Alstyne, Geoffrey G. Parker
Connect with Geoff
Geoff’s Introvert Island Book Selections
The Science of Interstellar | Kip Thorne & Christopher Nolan
Alexander Hamilton | Ron Chernow
Celestial Navigation: A Complete Home Study Course, Second Edition | David Burch & Tobias Burch
Sharing is Caring!What do Facebook, AirBnB + Uber have in common + how can it help you? #Podcast via @IntrovertCoach @g2parker Will your industry become a “platform” industry? #Podcast via @IntrovertCoach @g2parker How “permissionless innovation” is perfect for the introvert #entrepreneur. #Podcast via @IntrovertCoach @g2parker Are you ready to be an industry disruptor? #Podcast via @IntrovertCoach @g2parker What you can learn from the rise and fall of MySpace. #Podcast via @IntrovertCoach @g2parker
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