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| Value Generation Logic of Digital Platform Ecosystem |
| Zhang Baojian1,3,Bo Xiangfang2,Chen Jin3,Li Nana1 |
| (1.Research Center Innovation Ecosystem, Shanxi University of Finance and Economics,Taiyuan 030006,China;2. School of Business Administration, Shanxi University of Finance and Economics, Taiyuan 030006,China;3.School of Economics and Management, Tsinghua University, Beijing 100084, China) |
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Abstract As a unique element of new economic development, digitalization plays an increasingly important role. The technological development driven by digitalization has forced the innovative paradigm to change and the innovation process has also made a leap from the linear paradigm of the inner-enterprise or collaborative paradigm of innovation to the digital platform ecosystem (DPE) paradigm.#br#The DPE is built upon the platforms supported by the developing Internet technology. The inter-platform structure reaching all entities for value creation is supported by the digital technology infrastructure based on the large-scale collective actors' collaboration. How to coordinate the subjects in the DPE to create value is the key focus which breakthroughs the temporal and spatial constraints, activates the potential resources of discrete distribution, and makes it possible for the distributed innovations on the ultra-large-scale. The value-creation subjects constantly emerge, and the value relations show an ecological trend. This paper carefully examines the value subject, valuable resource, and value space of the DPE returns to the logical starting point of value generation and studies the new rules of value creation activities with the background of digital innovation practice.#br#In the era of the digital economy, the homogeneous demand is gradually satisfied, the blind spot of personalized desire is also exposed, and the value creation on the supply side begins to shift to the demand side. Digital technology provides more opportunities for the value interaction between the supply and the demand, creating a more extended value interface. The DPE relies on the demand-side value proposition to realize the extension of the horizontal value interface and the construction of the vertical intelligent response system. Therefore, this paper begins with analyzing the value source transformation in the era of digital innovation, maximizes the function of the digital factor, and achieves a seamless connection between the supply side and the demand side.#br#The underlying logic of the DPE subverts the traditional economic theories and assumptions so that many basic concepts are no longer applicable in the era of the digital economy. Among them, the most direct effect is the significant reduction of three cost factors that determine the transaction. The unique net economy generates more creative portfolio solutions, the multiplier effect of the value creation process becomes tangible, cross-border operation brings new market opportunities, new value sources are continuously discovered, and new business models constantly appear. So this paper demonstrates the value-allocated space evolution and its extension, analyzes the value discovery and value creation carried by the net economy, and confirms that the value is co-created by the supply side, the demand side, and the rule-design side. In other words, the rule-design side, the supply side, and the demand side share the profits from this business model.#br#Unlike the three-step strategy, i.e. the value of design, value creation, and value realization in the traditional industrial economy times, DPE is value-oriented, committing to design a smaller deviation. Through user participation, DPE could accurately handle the personalized demands, and via transferring users into knowledge producers, users get involved in the value creation. Based on the reality of DPE competition, the “canopy strategy” has been widely used. Assisted by the canopy partner or canopy user diversion strategy, DPE can quickly leverage the potential niche market and achieve rapid value acquisition. The will-based value isolation mechanism ensures the continuity of value capture in the DPE. From this, the paper deciphers the value acquisition of DPE and explains the user value co-creation in the start-up stage, the canopy strategic expansion in the expansion stage, and the value isolation mechanism in the maintenance stage, and the will-based value isolation mechanism is the main means of value protection in the DPE.#br#The findings provide innovative theoretical guidance for innovation strategy and innovation governance in the digital era. This paper not only explores how each value creation subject of the DPE realizes system-level value, but also develops a dynamic path to realize the value of the digital economy and standardizes the value spillover. DPE achieves value discovery through cross-border convergence. In the era of the digital economy, attention should be paid to the construction of a digital innovation strategy, the establishment of a digital community with a shared future, and the innovation governance mechanism should be used to ensure the efficient operation of DPE to form a collaborative governance system.#br#
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Received: 17 August 2021
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