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How to Become an Ecosystem Player
Admired companies such as Airbnb, DoorDash and Alibaba reinvented the rules of strategy by deploying a new model: the business ecosystem. An ecosystem can be defined as 'a dynamic group of largely independent economic players that create products or services that together constitute a coherent solution.' Traditional companies have started to understand the threat, embrace the opportunity and launch their own business ecosystems. For example, John Deere, founded in 1837, is leading the race to building the most comprehensive smart-farming ecosystem. And retailer giant Walmart has become a serious competitor of Amazon with its Walmart Marketplace. The authors present eight major shifts (four in mindset and four in operating model) that traditional companies must embrace to become successful ecosystem players.