“We estimate that at least a dozen sectors, including B2B services, mobility, travel and hospitality, health, and housing, are reinventing themselves as vast ecosystems, networks of networks that could add up to a $60 trillion integrated network economy by 2025.”
High-growth companies don’t go it alone. Increasingly, they are achieving results by creating and orchestrating digitally connected ecosystems — coordinated networks of enterprises, devices, and customers — that create value for all of their participants.
via MIT Sloan
Global Virtual Reality (VR) and Augmented Reality (AR) revenue will grow from over $13 billion this year to more than $67 billion by 2024. Today’s AR/VR market is evolving beyond offering point solutions to specific problems, to becoming a fully functioning ecosystem.
FinTechs have the potential to be the engines of innovation we need during the Great Reset. The findings of the World Economic Forum’s FinTech Cybersecurity Consortium provide a starting point on the path to a security management system to get them there.
“Digital transformation was never optional. But most firms treated it that way, applying digital technology in dribs and drabs — until COVID-19 shuttered economies and forever altered the patterns of life and work and commerce.”
“Just seven years ago, 70% of businesses worked only with the existing partners in their value chains, either customers or vendors. But in the past five years, more than 75% of the companies we surveyed started drawing on a multiplicity of innovation sources.”
via MIT Sloan
Standard models of platform use and digital business service use are giving way to strategic blockchain projects and collaborations among unique sets of industry ecosystem players that pursue distributed ledger applications.
“One of COVID-19’s most immediate economic effects is to accelerate efforts that businesses, governments and individuals were already making to not only digitalize, but also transition to a platform model. A platform business takes an approach similar to that of technology giants.”
Tech clusters like Silicon Valley play a central role in modern innovation, business competitiveness, and economic performance. What constitutes a tech cluster, how do they function internally, and can policymakers purposefully foster them?
“Companies have high hopes for their ecosystems, with over two-thirds of senior executives (67%) saying that they expect ecosystems to help their organization grow its revenue by between 11% and 25% over the next two years.”