Today’s hyper-competitive, digitally networked, interdependent markets have led to a new level of interdependence that requires organizations and associations to build bridges, as well as moats, to successfully operate in a new ecosystem economy.
The recent issue of the Harvard Business Review reveals why these new industries and market ecosystems have emerged. They describe three structural changes: the rollback of regulatory protections, a blurring of the separation between products and services, and technology that revolutionizes how firms can serve customers.
Industries are facing ecoshifts, seismic changes at the tectonic level, which are altering business models and competitive landscapes, as well as reducing barriers to entry.
Take, for example, the emergence of marijuana as a new factor in society. Eleven states have legalized it for recreational use, and thirty-three for medical purposes. The train has left the station, and just think about the new ecosystem that is emerging and about who is affected.
The alcoholic beverage industry ecosystem, of course, is affected: the suppliers, wholesalers, retailers, trucking companies, marketing agencies, and the multitude of other firms supporting this $253 billion industry.
How about the financial services industry? How they will capitalize on the influx of new money and the regulatory challenges it presents?
The medical establishment, food industry, law enforcement, entertainment, retail, hospitality, and just about every sector of the economy will be impacted by a new ecosystem being activated by marijuana that will surely have some impact on your business or association.
The HBR article goes on to ask five key questions every organization should ask. It’s worth learning more about what the answers to these questions are and asking more questions about what changes you can anticipate that will prepare you for the inevitable ecoshifts that are coming or have already landed at your industry doorstep.
And, of course, these ecoshifts will have implications for your organization and your live events. Now is a good time to think about how to expand your audience and invite the new entrants in the emerging ecosystem that is forming in your industry.
Fortune favors the prepared leader.
P.S. – Send me an email and I’ll share the HBR article with you.