Is the Business Ecosystem a Toy for Big Companies?

When entrepreneurs hear the word “ecosystem”, they often quickly dismiss it. Oftentimes because they believe participating in the business ecosystem requires more resources, the right connections or they just don’t know how to find suitable partners.

What truly matters for companies who want to build and maintain their own business ecosystem? Size, resources, partners, or something else?

• Does the size of the company matter?
• No, it doesn’t. Offering value is more about completing tasks and seizing opportunities. A company can build its ecosystem even if it is small and local, or a company can become a part of another ecosystem. The size doesn’t matter as long as you are offering value to your clients.
• Does the amount of resources matter?
• Having resources is necessary, but not for large infusions into new business areas. You only need a willingness to use existing resources and establish useful partnerships to expand your presence in the market.
• How to choose a partner to build an ecosystem?
• There are many factors here, but first you should determine the needs of your target audience. Look for places your company can meet the needs of your clients that are not already covered by the current Customer Journey Map.

Let’s practice on a real example. Something as mass-produced and standard as possible. For example, PepsiCo company.

PepsiCo is one of the world’s largest providers of food and beverages. The company’s portfolio includes Lays, Cheetos, 7 Up, Adrenaline Rush, Lipton, Mirinda, Aqua Minerale, and the soda of the same name. PepsiCo might be interested in developing their ecosystem and acquiring a marketplace in Latin America, for instance. The point is — there are lots of companies of different sizes and resources and they all are looking to extend their network. This means that every business, big or small, has a chance to become a part of an ecosystem.

P.S. Bonus tip.

Where can you look for ecosystem partners?

Incubators and accelerators are the places where innovations are born and everything is made to ensure their active growth.

Why not build a business ecosystem by including accelerator startups in your system, or create ecosystems with startups as potential partners? This will allow you to use the advantages of existing startup initiatives in a completely new and different way.