Your outdated business can’t hide from the idea economy

19. Sep, 2015 No comments Author:

Right now, somewhere in the world, there’s a teenager sitting in her bedroom, drawing up the blueprints to take down one of the modern era’s most established businesses. She didn’t go to business school – she probably hasn’t even graduated high school – but in today’s digital environment, she’s powerful enough to change the way we think about our world.

This is the Idea Economy.

In this fast-moving, relentless state of disruption, the most valuable businesses are those that can picture a better world and use technology to make that world a reality.

idea economy

The traditional business narrative is at a breaking point. Nowadays, everyone has access to the tools of disruption and entrepreneurs can upend established industries by simply rethinking outdated, inefficient business models and capitalizing on market opportunities. In this environment,as described by HP CEO Meg Whitman, “success is defined by the ability to turn your ideas into value faster than your competition.”

While technology has made the path to disruption shorter, it’s still no easy task to turn an idea into something concrete and, most importantly, valuable.

The winners in the Idea Economy are those companies – established enterprises or scrappy startups – that are comfortable making bold choices and taking risks that may not pan out, especially when it comes to creating a new platform from scratch.

Take online home furnishing retailer One Kings Lane, for example. At its launch during the height of the Great Recession, many thought that co-founders Susan Feldman and Alison Pincus were crazy to try and sell furniture on the Internet. But their flash sale website turned online marketplace, which provides access to designers and merchandise previously limited to those who hired an expensive interior designer, garnered major support from millions of consumers. Within the same calendar year of its launch, One Kings Lane received its first round of venture funding.

Providing access, to borrow Feldman’s term, is a characteristic function of leading companies in the Idea Economy. For many of these innovators, the insight that led to their disruptive business model stemmed from the decision to improve efficiencies by connecting people and services in the best way possible, likely through simple technology never considered before.

In a recent film project presented by HP Matter, award-winning documentary filmmaker Alison Klayman took a close look at a variety of companies disrupting their industries, One Kings Lane among them. And as Klayman noted in a recent interview, “opportunities and access are something that kept coming up again and again as [she] was going to these companies.”

“Everyone talked about the issue of access – unprompted.”

By creating platforms that connect vendors or creators to consumers, these companies can provide a path that circumvents the gatekeepers maintaining the status quo, revolutionizing the way the industry operates.

idea economy bubble

The idea of democratized access and connections is, perhaps, most evident in an installment of the series featuring online video streaming service Vimeo.

“When you put your work out on Vimeo, you know that you have access to every single production company, studio and agency out there … every single one of them has somebody whose job it is to check out what’s happening on the Internet,” stated Vimeo’s Senior Manager of Curation, Jason Sondhi.

Vimeo’s platform places a strong emphasis on community and curation. Unlike YouTube, which is funded exclusively by advertising and uses algorithms to recommend related content, Vimeo curates premium content for its users through featured Staff Picks, which amplify the voices of artists in the community.

Filmmaking team Twin, whose short film “Bag Man” was a recent Vimeo Staff Pick, experienced the direct results of the access provided in the Vimeo community. Within two weeks of their Vimeo spotlight, the team received calls and emails from major studios leaders – the kind of contacts once only made as a result of chance encounters and award-winning work at film festivals – looking to make a feature version of their short.

Today, disruption can come from anywhere. A visionary idea and the right tools to bring that idea to life can open an industry in an entirely new direction.

The advent of the Internet has allowed companies to connect with consumers like never before. Innovators succeeding in the Idea Economy are reassessing the ways that we, as consumers, engage with everything in our world. And thee big thinkers with the ability to quickly turn their innovations into new products or services will change the way we approach business forever.

To hear more from the companies who are continually adapting to today’s ever changing market landscape, be sure to watch “Welcome to the Idea Economy,” available on HPMatter.com.

Source: mashable.com

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