The platform economy has come to fruition due to a variety of technological innovations and breakthroughs that occurred within the last decades.
These developments have entirely changed how businesses and people communicate and interact with each other, which has thrust our society into the era of digitalization.
Digital transformation platforms for public institutions can help them optimize resources more effectively and rapidly scale productivity. However, the platform economy’s impact on public administration is not always as well-documented as its effect on other areas.
Read on to understand how online public administration platforms improve the provision of public services to citizens, as well as what the platform economy entails.
What Is the Platform Economy?
The term “platform economy” refers to economic and social activities that are facilitated by digital platforms which allow consumers, businesses, and the general public to connect or buy/sell resources. Some famous examples of digital platforms include Airbnb, Uber, and Facebook.
Due to increased online connectivity, more and more businesses have adopted the platform business model and its related digital strategies to stay competitive. Alongside these changes, a whole new set of challenges and opportunities have arisen for people, organizations, and society as a whole.
The three main types of digital platforms within the platform economy include:
- Transaction platforms: digital matchmakers that act as virtual marketplaces for different people and organizations. Examples include Etsy, Amazon, and eBay.
- Innovation platforms: technology frameworks that can be used on an individual basis. Examples include Oracle, Salesforce, and Hubspot.
- Integration platforms: a combination of transaction and innovation platforms such as online app marketplaces. Examples include the Apple App Store or Google Play.
Network as Much as possible
One of the most beneficial parts of joining an acceleration program is the network of contacts that can be accessed. Accelerators will connect you with the initial customers and backers that are essential in getting your business off the ground.
It’s crucial that you develop meaningful personal relationships with your mentors and any investors or corporate sponsors you cross paths with during your program. However, don’t prioritize raising money over maximizing customer traction. The first customers you obtain will be vital in understanding what you need to achieve to make your company investment-ready.
As part of an acceleration program, you’ll also be able to connect with alumni from past cohorts. These will be great sources of knowledge as they’ll have experienced many of the challenges similar to those your company will be facing. The same goes for other companies in your class, where you may find mutually beneficial partnerships or learning opportunities.
Choose the Right Program
Applying to an accelerator that is the right fit for your company is key in getting the most value out of the program. This might sound obvious, but many founders tend to simply apply to the top-ranked accelerators, without putting as much emphasis on the different value each one offers.
Depending on whether you are looking for help in developing your technology, validating your business model, or penetrating a new industry, different programs will be a better choice for you.
You’ll also need to choose an accelerator that is within the same industry or field as you.
This decision can differ based on the stage your company is in. For example, if you’re building an AI-based solution that is not yet ready to market, it might be recommended to join an acceleration program specialized in artificial intelligence to help build your technology.
On the other hand, if your product is already developed sufficiently to find your first clients, it could be more beneficial to find an accelerator specialized in your target market. While your product is based on AI, it could be designed for the transport industry, so an acceleration program specialized in transport could be the best choice.