Unveiling Success Strategies:
Insights from Startup Valley's Platform Business Journey
One
of the corporate lessons learned from the
article is patience. Startup Valley Crowdfunding
Company provided a great opportunity for Bryant and his partners. It was
a high-risk business that guarantees high
revenue. However, like many business bubbles, the deal felt too good to be
true. It is for this reason that Bryant opted to sit back and be the second in
the market and dedicate the time and patience to learn and gather more
information about the business before he started. As an internet platform business, the Startup Valley
provided great opportunities for a wider market in the form of both investors
as well as entrepreneurs. This would also
provide great opportunities for profit.
The
cases mention three important strategies that need to considered and applied
when starting a platform business. One of the strategies includes facilitating trust and reducing costs
needed for operation. Platform businesses require the use of the internet. For crowdfunding, such business deals with a lot of money and success will depend on the
level of trust established between the business and the customers. Developing
trust include activities such as vetting.
The
second strategy involves determining which side of the platform to charge and
which side to offer incentives. This is a
strategy that would allow the value of one side while at the same time the
popularity of the other would rise. This
is a strategy that would provide funds
for turning the platform and at the same time can ensure the parties involved
reinforced one another. The last strategy involves finding ways to attract a large number of customers. Crowdfunding business requires a large customer base and finding ways of attracting a high number of customers would prove the
success of the business.
Amazon
Inc. is a good example of a platform business that connects producers and consumers
through its online platform it is a business that has revolutionized the retail
business by enhancing e-commerce. It has attracted a large customer base from
both manufacturers and consumers, has developed high trust with products sold
through it having high credibility and has subsidized consumers by offering a lower price at the cost of manufacturers who
pay the fee for selling products using the platform.
Works
Cited
Zhang, Yanli. "START-UP VALLEY: Platform
Strategy In Equity Crowdfunding." Ivey Publishing (2017).
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