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Startup Business Puzzles
Visualized And Explained1 SANGEET PAUL CHOUDARY
GEOFFREY PARKER
MARSHALL VAN ALSTYNE
Source: PLATFORM THINKING
One compelling framework to
make sense of digital business
models
Source: PLATFORM THINKING
Why do YouTube and Vimeo coexist
despite being similar offerings?
“
”Source: PLATFORM THINKING
How did Airbnb disrupt
Craigslist?
Source: PLATFORM THINKING
It was Instagram, before Instagram
existed
Why did it fail?
Ever heard of
Hipstamatic? 

Source: PLATFORM THINKING
Why did LinkedIn beat
Monster?
Source: PLATFORM THINKING
“ What's so special about
Medium, isn't it just about
blogging? ”
Source: PLATFORM THINKING
How did a 3-year old startup like
Mint beat a three-decade old
software like Quicken?
Source: PLATFORM THINKING
Flickr was doing so well, what
happened?
Source: PLATFORM THINKING
What's so
revolutionary
about the App
Store model?
“
”
Source: PLATFORM THINKING
How did Facebook
eat MySpace and build
an entirely different
business?
Source: PLATFORM THINKING
And finally...
Source: PLATFORM THINKING
Airbnb is a platform, 

but so is GE's industrial
internet approach.
Medium is a platform 

but so is Nike.
How do you make sense of
this? What exactly is a
platform?
”
“
Source: PLATFORM THINKING
Read on to get 

all the answers
”
“Different questions, 

similar answers
Source: PLATFORM THINKING
Too busy to get all the answers?
Download this deck
Source: PLATFORM THINKING
Better still,
click here
to get the whole book
Source: PLATFORM THINKING
What does that even mean?
Let's visualize 

digital business models
Source: PLATFORM THINKING
The Platform Stack
Source: PLATFORM THINKING
To start visualizing,
we need a visual framework
Introducing...
The Platform Stack
Source: PLATFORM THINKING
Wait... What's a platform?
Source: PLATFORM THINKING
Everyone seems to be building one...
Source: PLATFORM THINKING
But everyone has a different definition
Source: PLATFORM THINKING
The platform stack helps 

us understand this…
... and visualize any digital
business model
Source: PLATFORM THINKING
So WHAT is a platform?
Source: PLATFORM THINKING
So what is a platform?
A platform is a plug-and-play
business model that allows 

multiple participants (producers
and consumers) to connect to it,
interact with each other and
create and exchange value.
”
“
Source: PLATFORM THINKING
A lot of what we see today follows
the platform business model
Source: PLATFORM THINKING
Buzzword alert...
all of these use
platform business models
Wearables
Sharing Economy
Industrial Internet
3D Printing
Internet of Things
Social media
App economy
Crowdsourcing
Gig economy
Crowdfunding
!
Source: PLATFORM THINKING
The goal of a platform is
to enable interactions between…
Producers Consumers
Source: PLATFORM THINKING
To understand platforms, we need to use THE
PLATFORM STACK
Across all platforms, we observe
the following three layers3
Network / Marketplace / Community
Data
Technology Infrastructure
Network / Marketplace / Community Layer
Users may
connect explicitly
Users may
interact without
connecting explicitly
Users may be connected implicitly
E.g. Individual usage is benchmarked against others
Source: PLATFORM THINKING
Technology Infrastructure
External producers build on top of this infrastructure
On Android,
developers
build apps
On Youtube,
video creators
host videos
On Ebay,
sellers create/host
product availability
Source: PLATFORM THINKING
Data
Data matches users
and content
Data powers
relevance
Source: PLATFORM THINKING
Different platforms have different
stack configurations
There are
3 basic
configurations
Source: PLATFORM THINKING
Marketplace / Community-Dominant
Source: PLATFORM THINKING
Infrastructure-Dominant
Source: PLATFORM THINKING
Data-Dominant
Source: PLATFORM THINKING
Every platform
is a different
configuration
of this stack
Source: PLATFORM THINKING
Like what you’re
reading?
click here to enter the
book giveaway
Source: PLATFORM THINKING
Startup Business Puzzles
Illustrated with the Platform Stack
1 Source: PLATFORM THINKING
Why do YouTube and Vimeo coexist
despite being similar offerings?
“
”Source: PLATFORM THINKING
YouTube Vimeo
Network / Marketplace /
Community
Technology Infrastructure
Data
Network / Marketplace /
Community
Data
Technology Infrastructure
YouTube Vimeo
Network / Marketplace /
Community
Technology Infrastructure
Data
Network / Marketplace /
Community
Data
Technology Infrastructure
Improve viewer engagement and
match-making
Improve hosting
infrastructure
YouTube Vimeo
Network / Marketplace /
Community
Technology Infrastructure
Data
Network / Marketplace /
Community
Data
Technology Infrastructure
Youtube and Vimeo co-exist by focusing on different layers
of the stack
How did Airbnb disrupt
Craigslist?
Source: PLATFORM THINKING
Craigslist Early Airbnb Airbnb
Network /
Marketplace /
Community
Technology
Infrastructure
Data
Marketplace /
Community
Technology
Infrastructure
Data
Marketplace /
Community
Technology
Infrastructure
Data
Craigslist Early Airbnb Airbnb
Network /
Marketplace /
Community
Technology
Infrastructure
Data
Marketplace /
Community
Technology
Infrastructure
Data
Marketplace /
Community
Technology
Infrastructure
Data
Strong network layer only, low
focus on tech and data
Started with strong tech and
data layers
Built strong network effects and
community over time
Craigslist Early Airbnb Airbnb
Network /
Marketplace /
Community
Technology
Infrastructure
Data
Marketplace /
Community
Technology
Infrastructure
Data
Marketplace /
Community
Technology
Infrastructure
Data
Airbnb beat Craigslist through superior execution on all layers
It was Instagram, before Instagram
existed
Why did it fail?
Ever heard of
Hipstamatic? 

Source: PLATFORM THINKING
Hipstamatic Instagram
Technology Infrastructure
Network / Community
Data
Technology Infrastructure
Hipstamatic Instagram
Technology Infrastructure
Network / Community
Data
Technology Infrastructure
Focus on provision of
tools only
Focus on creation of community
through provision of tools
Hipstamatic Instagram
Technology Infrastructure
Network / Community
Data
Technology Infrastructure
Instagram beat Hipstamatic by focusing on community
and building network effects
Why did LinkedIn beat
Monster?
Source: PLATFORM THINKING
Monster LinkedIn
Network / Community
Technology Infrastructure
Data
Network / Community
Data
Technology Infrastructure
Network / Community
Technology Infrastructure
Data
Network / Community
Data
Technology Infrastructure
Lower network effects, focusing only
on active job seekers
Much stronger network effects and higher data leverage
lading to activation of passive seekers
Monster LinkedIn
Network / Community
Technology Infrastructure
Data
Network / Community
Data
Technology Infrastructure
By focusing on overall data acquisition about professionals, LinkedIn
has better data to match the recruitment market
Monster LinkedIn
“ What's so special about
Medium, isn't it just about
blogging? ”
Source: PLATFORM THINKING
Wordpress Medium
Technology Infrastructure
Network / Community
Data
Technology Infrastructure
Wordpress Medium
Technology Infrastructure
Network / Community
Data
Technology Infrastructure
Infrastructure-only
focus
Less sophisticated infrastructure but
strong network and usage of data
Wordpress Medium
Technology Infrastructure
Network / Community
Data
Technology Infrastructure
Medium is gaining rapid traction leveraging network effects and
data and a simpler creation infrastructure
How did a 3-year old startup like
Mint beat a three-decade old
software like Quicken?
Source: PLATFORM THINKING
Quicken Mint
Technology Infrastructure
Network / Marketplace
Data
Technology Infrastructure
Quicken Mint
Technology Infrastructure
Network / Marketplace
Data
Technology Infrastructure
Focused only on provision of
software
Software as a means to build a data driven
business and the creation of a marketplace
between consumers and FIs
Quicken Mint
Technology Infrastructure
Network / Marketplace
Data
Technology Infrastructure
Mint’s business model leveraged data to subsidize software and
gain rapid adoption
Flickr was doing so well, what
happened?
Source: PLATFORM THINKING
Flickr Facebook
Photos
Network / Community
Technology Infrastructure
Data
Network / Community
Data
Technology Infrastructure
Flickr Facebook
Photos
Network / Community
Technology Infrastructure
Data
Network / Community
Data
Technology Infrastructure
Better hosting but lower
community engagement
Stronger network effects and usage data of overall
social network enabled better engagement
Flickr Facebook
Photos
Network / Community
Technology Infrastructure
Data
Network / Community
Data
Technology Infrastructure
Facebook’s stronger network effects and better capture of data allowed
its Photos feature to power stronger engagement
What's so
revolutionary
about the App
Store model?
“
”
Source: PLATFORM THINKING
MS Windows
Android +
Play Store
Technology Infrastructure
Network / Community
Data
Technology Infrastructure
MS Windows
Android +
Play Store
Technology Infrastructure
Network / Community
Data
Technology Infrastructure
Focused only on infrastructure for
app development
Combines infrastructure with app store,
enabling creation or marketplace
MS Windows
Android +
Play Store
Technology Infrastructure
Network / Community
Data
Technology Infrastructure
The app store powers a new market for developers, thereby
attracting a larger ecosystem much faster
How did Facebook
eat MySpace and build
an entirely different
business?
Source: PLATFORM THINKING
MySpace Facebook
Network / Community
Technology Infrastructure
Data
Network / Community
Data
Technology Infrastructure
MySpace Facebook
Network / Community
Technology Infrastructure
Data
Network / Community
Data
Technology Infrastructure
Strong network effects but poor usage
of data and lower curation
Much stronger network effects and higher data leverage
through the creation of the news feed
MySpace Facebook
Network / Community
Technology Infrastructure
Data
Network / Community
Data
Technology Infrastructure
Facebook’s news feed leverages data to drive much stronger
network effects than any social network before it
Different platforms have different
stack configurations
There are
3 basic
configurations
Source: PLATFORM THINKING
Your turn:
Analyze your platform using the platform stack
Network / Marketplace / Community
Data
Technology Infrastructure
And now,
click here
to get the whole book
Source: PLATFORM THINKING
Want to download this deck?
Click here!
Source: PLATFORM THINKING

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10 Startup Business Puzzles Visualized and Explained

  • 1. Startup Business Puzzles Visualized And Explained1 SANGEET PAUL CHOUDARY GEOFFREY PARKER MARSHALL VAN ALSTYNE Source: PLATFORM THINKING
  • 2. One compelling framework to make sense of digital business models Source: PLATFORM THINKING
  • 3. Why do YouTube and Vimeo coexist despite being similar offerings? “ ”Source: PLATFORM THINKING
  • 4. How did Airbnb disrupt Craigslist? Source: PLATFORM THINKING
  • 5. It was Instagram, before Instagram existed Why did it fail? Ever heard of Hipstamatic? 
 Source: PLATFORM THINKING
  • 6. Why did LinkedIn beat Monster? Source: PLATFORM THINKING
  • 7. “ What's so special about Medium, isn't it just about blogging? ” Source: PLATFORM THINKING
  • 8. How did a 3-year old startup like Mint beat a three-decade old software like Quicken? Source: PLATFORM THINKING
  • 9. Flickr was doing so well, what happened? Source: PLATFORM THINKING
  • 10. What's so revolutionary about the App Store model? “ ” Source: PLATFORM THINKING
  • 11. How did Facebook eat MySpace and build an entirely different business? Source: PLATFORM THINKING
  • 13. Airbnb is a platform, 
 but so is GE's industrial internet approach. Medium is a platform 
 but so is Nike. How do you make sense of this? What exactly is a platform? ” “ Source: PLATFORM THINKING
  • 14. Read on to get 
 all the answers ” “Different questions, 
 similar answers Source: PLATFORM THINKING
  • 15. Too busy to get all the answers? Download this deck Source: PLATFORM THINKING
  • 16. Better still, click here to get the whole book Source: PLATFORM THINKING
  • 17. What does that even mean? Let's visualize 
 digital business models Source: PLATFORM THINKING
  • 18. The Platform Stack Source: PLATFORM THINKING
  • 19. To start visualizing, we need a visual framework Introducing... The Platform Stack Source: PLATFORM THINKING
  • 20. Wait... What's a platform? Source: PLATFORM THINKING
  • 21. Everyone seems to be building one... Source: PLATFORM THINKING
  • 22. But everyone has a different definition Source: PLATFORM THINKING
  • 23. The platform stack helps 
 us understand this… ... and visualize any digital business model Source: PLATFORM THINKING
  • 24. So WHAT is a platform? Source: PLATFORM THINKING
  • 25. So what is a platform? A platform is a plug-and-play business model that allows 
 multiple participants (producers and consumers) to connect to it, interact with each other and create and exchange value. ” “ Source: PLATFORM THINKING
  • 26. A lot of what we see today follows the platform business model Source: PLATFORM THINKING
  • 27. Buzzword alert... all of these use platform business models Wearables Sharing Economy Industrial Internet 3D Printing Internet of Things Social media App economy Crowdsourcing Gig economy Crowdfunding ! Source: PLATFORM THINKING
  • 28. The goal of a platform is to enable interactions between… Producers Consumers Source: PLATFORM THINKING
  • 29. To understand platforms, we need to use THE PLATFORM STACK
  • 30. Across all platforms, we observe the following three layers3 Network / Marketplace / Community Data Technology Infrastructure
  • 31. Network / Marketplace / Community Layer Users may connect explicitly Users may interact without connecting explicitly Users may be connected implicitly E.g. Individual usage is benchmarked against others Source: PLATFORM THINKING
  • 32. Technology Infrastructure External producers build on top of this infrastructure On Android, developers build apps On Youtube, video creators host videos On Ebay, sellers create/host product availability Source: PLATFORM THINKING
  • 33. Data Data matches users and content Data powers relevance Source: PLATFORM THINKING
  • 34. Different platforms have different stack configurations There are 3 basic configurations Source: PLATFORM THINKING
  • 38. Every platform is a different configuration of this stack Source: PLATFORM THINKING
  • 39. Like what you’re reading? click here to enter the book giveaway Source: PLATFORM THINKING
  • 40. Startup Business Puzzles Illustrated with the Platform Stack 1 Source: PLATFORM THINKING
  • 41. Why do YouTube and Vimeo coexist despite being similar offerings? “ ”Source: PLATFORM THINKING
  • 42. YouTube Vimeo Network / Marketplace / Community Technology Infrastructure Data Network / Marketplace / Community Data Technology Infrastructure
  • 43. YouTube Vimeo Network / Marketplace / Community Technology Infrastructure Data Network / Marketplace / Community Data Technology Infrastructure Improve viewer engagement and match-making Improve hosting infrastructure
  • 44. YouTube Vimeo Network / Marketplace / Community Technology Infrastructure Data Network / Marketplace / Community Data Technology Infrastructure Youtube and Vimeo co-exist by focusing on different layers of the stack
  • 45. How did Airbnb disrupt Craigslist? Source: PLATFORM THINKING
  • 46. Craigslist Early Airbnb Airbnb Network / Marketplace / Community Technology Infrastructure Data Marketplace / Community Technology Infrastructure Data Marketplace / Community Technology Infrastructure Data
  • 47. Craigslist Early Airbnb Airbnb Network / Marketplace / Community Technology Infrastructure Data Marketplace / Community Technology Infrastructure Data Marketplace / Community Technology Infrastructure Data Strong network layer only, low focus on tech and data Started with strong tech and data layers Built strong network effects and community over time
  • 48. Craigslist Early Airbnb Airbnb Network / Marketplace / Community Technology Infrastructure Data Marketplace / Community Technology Infrastructure Data Marketplace / Community Technology Infrastructure Data Airbnb beat Craigslist through superior execution on all layers
  • 49. It was Instagram, before Instagram existed Why did it fail? Ever heard of Hipstamatic? 
 Source: PLATFORM THINKING
  • 50. Hipstamatic Instagram Technology Infrastructure Network / Community Data Technology Infrastructure
  • 51. Hipstamatic Instagram Technology Infrastructure Network / Community Data Technology Infrastructure Focus on provision of tools only Focus on creation of community through provision of tools
  • 52. Hipstamatic Instagram Technology Infrastructure Network / Community Data Technology Infrastructure Instagram beat Hipstamatic by focusing on community and building network effects
  • 53. Why did LinkedIn beat Monster? Source: PLATFORM THINKING
  • 54. Monster LinkedIn Network / Community Technology Infrastructure Data Network / Community Data Technology Infrastructure
  • 55. Network / Community Technology Infrastructure Data Network / Community Data Technology Infrastructure Lower network effects, focusing only on active job seekers Much stronger network effects and higher data leverage lading to activation of passive seekers Monster LinkedIn
  • 56. Network / Community Technology Infrastructure Data Network / Community Data Technology Infrastructure By focusing on overall data acquisition about professionals, LinkedIn has better data to match the recruitment market Monster LinkedIn
  • 57. “ What's so special about Medium, isn't it just about blogging? ” Source: PLATFORM THINKING
  • 58. Wordpress Medium Technology Infrastructure Network / Community Data Technology Infrastructure
  • 59. Wordpress Medium Technology Infrastructure Network / Community Data Technology Infrastructure Infrastructure-only focus Less sophisticated infrastructure but strong network and usage of data
  • 60. Wordpress Medium Technology Infrastructure Network / Community Data Technology Infrastructure Medium is gaining rapid traction leveraging network effects and data and a simpler creation infrastructure
  • 61. How did a 3-year old startup like Mint beat a three-decade old software like Quicken? Source: PLATFORM THINKING
  • 62. Quicken Mint Technology Infrastructure Network / Marketplace Data Technology Infrastructure
  • 63. Quicken Mint Technology Infrastructure Network / Marketplace Data Technology Infrastructure Focused only on provision of software Software as a means to build a data driven business and the creation of a marketplace between consumers and FIs
  • 64. Quicken Mint Technology Infrastructure Network / Marketplace Data Technology Infrastructure Mint’s business model leveraged data to subsidize software and gain rapid adoption
  • 65. Flickr was doing so well, what happened? Source: PLATFORM THINKING
  • 66. Flickr Facebook Photos Network / Community Technology Infrastructure Data Network / Community Data Technology Infrastructure
  • 67. Flickr Facebook Photos Network / Community Technology Infrastructure Data Network / Community Data Technology Infrastructure Better hosting but lower community engagement Stronger network effects and usage data of overall social network enabled better engagement
  • 68. Flickr Facebook Photos Network / Community Technology Infrastructure Data Network / Community Data Technology Infrastructure Facebook’s stronger network effects and better capture of data allowed its Photos feature to power stronger engagement
  • 69. What's so revolutionary about the App Store model? “ ” Source: PLATFORM THINKING
  • 70. MS Windows Android + Play Store Technology Infrastructure Network / Community Data Technology Infrastructure
  • 71. MS Windows Android + Play Store Technology Infrastructure Network / Community Data Technology Infrastructure Focused only on infrastructure for app development Combines infrastructure with app store, enabling creation or marketplace
  • 72. MS Windows Android + Play Store Technology Infrastructure Network / Community Data Technology Infrastructure The app store powers a new market for developers, thereby attracting a larger ecosystem much faster
  • 73. How did Facebook eat MySpace and build an entirely different business? Source: PLATFORM THINKING
  • 74. MySpace Facebook Network / Community Technology Infrastructure Data Network / Community Data Technology Infrastructure
  • 75. MySpace Facebook Network / Community Technology Infrastructure Data Network / Community Data Technology Infrastructure Strong network effects but poor usage of data and lower curation Much stronger network effects and higher data leverage through the creation of the news feed
  • 76. MySpace Facebook Network / Community Technology Infrastructure Data Network / Community Data Technology Infrastructure Facebook’s news feed leverages data to drive much stronger network effects than any social network before it
  • 77. Different platforms have different stack configurations There are 3 basic configurations Source: PLATFORM THINKING
  • 78. Your turn: Analyze your platform using the platform stack Network / Marketplace / Community Data Technology Infrastructure
  • 79. And now, click here to get the whole book Source: PLATFORM THINKING
  • 80. Want to download this deck? Click here! Source: PLATFORM THINKING