Business success in the platform economy depends on the right ecosystem strategy and execution

Purpose: Ecosystems’ digitally enabled networks that enhance corporate value propositions by linking corporate units, suppliers, distributors, partners, customers and other stakeholders -- have become the engine that drives performance and strategic impact across economies. Article examines which ecosystem strategies are appropriate for firms in various situations. Design/methodology/approach: A new IBM Institute for Business Value (IBV) survey of 700 executives involved in decision-making about their organizations’ ecosystem growth and partnering reveals that the companies most focused on ecosystem engagement consistently generate higher growth and more business value. Findings: Analysis of the executive responses identified four distinct strategic approaches for ecosystem activity – Accelerate, Expand, Ignite and Reposition. Practical/implications: Success is likely only if firms pursue the right ecosystem strategy for their situation, with the right business partners, executed the right way. Originality/value: Ecosystems can enhance the value of products or services through both competition and cooperation with partners and rivals. For enterprises battling dislocation and disruption, ecosystems promote agility and resilience and can identify new revenue opportunities. As such, ecosystems have been the essential vehicle for growth and expansion for many corporations.