It took over 50 years for the word ecosystem, as we know it,
to be transported from the natural world to that of business and commerce.
Coined in the 1930s by British botanist Arthur Tansley, it was given a new
dynamism by business strategist James Moore. Companies working together,
cooperating and competing to promote new products while keeping the customer in
mind was Moore’s vision of an ecosystem for the business world.
Fighting to find a footing in the jargon-oriented business
setting, the term scored brownie points for its value and has since found a
permanent place in the lexicon. From technology to platforms as diverse as
media and healthcare, the scope of the possible was continuously put to the
test. And pass it did with flying colors, in serving communities and harnessing
talent.
The operative word here is platform, as, magnet-like, it attracts
participants or players to the field with a purpose. Such platforms bring about
resource sharing to access untapped assets or markets and improved customer
satisfaction. Platform business models led to the evolution of apps-based
businesses. The early birds stood to gain, the smartest opening the doors to
Smart initiatives.
The financial technology ecosystems that took wing in the
developed countries look set to branch out to other regions, for instance, to
the GCC countries. Governments and financial institutions have come to realize
that such ecosystems are imperative for growth. Architects of business
ecosystems in the GCC countries would do well to:
· calculate
the financial benefits of having such systems
· develop
the strategy to achieve the aim
· choose
the partners
· build
an operating structure and model of the system
· put
together all criteria for best use of available resources
In countries such as the GCC, however, the governments have
a more crucial role to play than in the developed world, and the challenge lies
in developing the necessary coordination. So, let’s connect, cooperate,
collaborate, and co-evolve!
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