IMD-OWPLIVE22-PostEvent-Report

→Digital

ACTION POINTS

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Companies need to keep their eyes on the new business models that are emerging and could disrupt them. This is becoming increasingly likely given the rapid pace of digital evolution. If you can’t beat them, join them. Platform businesses facing disintermediation from Web3 firms can strike up partnerships with these digital upstarts and capture new opportunities. Trust and digital tokens will be the foundation of the new economy. Intermediaries are in for a hard time if they are not careful.

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And this potential is reflected in the huge sums being poured into Web3 startups. Venture capital firm Andreessen Horowitz (a16z) this year launched a new $4.5 billion Web3 fund to invest in Web3 games, decentralized social media, and NFT (non-fungible token) communities.

For platform businesses and other firms, the lesson is that no company is impervious to disruption, no matter how powerful they are. There will always be creative disruption, meaning that companies will need to rethink their business models and build new capabilities in the face of the digital revolution.

RECOMMENDED READING

TOKEN ECONOMY: HOW THE WEB3 REINVENTS THE INTERNET By Shermin Voshmgir (BlockchainHub Berlin, 5 June, 2020)

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