Can a corporation let go, in order to win it all?
Tesla has deployed a business strategy we call “Provide a Platform” which enables your ecosystem to design, build, enhance, fulfill, support your own products for you.
Tesla, who’s already a market leader in their category, made a surprising move, by releasing their patents as open source. This move patterns co-innovation moves we see from companies in the Collaborative Economy that are partnering with their own customers to create products like GE+Quirky, Barclay’s Card Ring, and others companies that I share from my presentations.
This also show’s Tesla’s commitment towards social good, as Musk writes that most car companies only have a fraction (1%) of their sales as electric vehicles. He writes, “It is impossible for Tesla to build electric cars fast enough to address the carbon crisis.” In essence, he wants everyone else to help.
For Tesla, this fosters an ecosystem of makers, hackers, developers, and partners around their brand, growing their position in the ecosystem as Tesla will become the standard of the electric vehicle (EV) industry. Why would a dominant player let go? This enables others to build on top of their platform in order to replicate, enhance, and improve existing Tesla vehicles.
What are the additional business benefits? commenters on Facebook point out that by securing the industry building off their spec, Tesla is in a dominant position to upsell other value added services such as batteries, super charging stations, and other services.
What all companies can learn from this unprecedented move:
- In this new world, partnering with your crowd is the tenet of the Collaborative Economy.
- Providing a platform so the ecosystem can build on top your specs enables new innovation.
- Companies can scale as the partners around them deliver additional capabilities.
- Companies can secure their place in the ecosystem by offering value added services.
- Demonstrate true commitment to a mission by enabling anyone to participate.
Tesla, by being open, secures their own architecture as the industry standard, assuring their place in the electric vehicle market. Companies who let go, gain new innovation from their crowd, securing their place in the ecosystem.
Incredible business move, and incredible potential for a collaborative planet.