Are You Missing Growth Opportunities for Your Platform?

Seven of the world's 10 most valuable companies have launched platform businesses, as have over 60% of unicorn startups. Many companies that didn't start out as platform businesses-from retailers Walmart and Amazon to software providers Salesforce and ServiceNow-have also successfully accelerated their growth through platform strategies. But numerous companies have missed out on growth opportunities. Why does one platform company succeed at growth while another does not? The authors' research points to four main reasons: Unsuccessful firms don't systematically consider all growth options; they mistakenly believe they must own the various kinds of interactions that occur on the platform, not realizing that huge growth often lies in not owning them; they overlook options to engage companies that can add value or even disrupt their businesses; and they don't identify a compelling theme that broadens their scope. This article offers guidance for overcoming those impediments to growth.