Dion Hinchcliffe on key points to transform into a Social Business:
But looking at the few success stories there are (and there are some), these key points stand out as the corporate mindset needed to transition successfully to social business:
- Don’t compete with your customers, cooperate with them. Easier said that done in terms of corporate culture, but when Collaborative Economy startups are pitting millions of your own customers against you, there’s no reason that companies can’t decide to play the exact same economic card, at least while there’s still some time.
- Design for change, give up non-essential control, and learn the power laws of networks. Networked social businesses focus on cultivating communities, fostering co-creation, and optimizing shared value, wherever it lies, instead of just creating and selling things. These are also the core skills of Collaborative Economy startups.
- Rethink the structure and processes of your organization to transition gently but swiftly to a social business. How organizations are resources and operate dynamically is very different in the social economy, learn the rules and way forward.