Tools for building a business people trust
Curated from: ted.com
Ideas, facts & insights covering these topics:
8 ideas
·1.09K reads
13
Explore the World's Best Ideas
Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.
The Trust Tools Of Your Business Ecosystem
- Trust does play a meaningful role between success and failure of business ecosystems.
- It wasn't always the final nail in the coffin, but it was relevant [enough] to send more than half to the graveyard.
- Many of the failed ecosystems made the mistake of naively assuming that cooperation anchored on trust would spontaneously emerge between complete strangers.
- When we examined the successful ecosystems, we found the following trust tools embedded in them.
51
286 reads
Trust Tool: Access
Many of the successful ecosystems define very well who is allowed in and who can be kicked out of the platform for bad behavior.
HopSkipDrive does access well. It takes the drivers through a strict background check before they are hired into the platform. They also have a zero tolerance policy, which is superclear to everyone, so drivers know they can be terminated if they are caught illegally using their mobile phones while driving.
48
173 reads
Trust Tool: Contracts
Trustworthy ecosystems formalize a relationship with all participants through contracts. If you've ever clicked the box "I agree to the terms and conditions," you signed an ecosystem contract.
48
160 reads
Trust Tool: Incentives
Successful ecosystems encourage cooperation through rewards, or by motivating participants to interact with each other in a positive manner. eBay and Amazon use reputation as an incentive. If you're a seller, and you have a good reputation, you can charge higher prices for your products.
46
113 reads
Trust Tool: Control
Not forced control, but more like a gentle guidance, like an invisible hand nudging you in the right direction. Successful ecosystems shape the behavior of participants so the kind of cooperation required will emerge in the platform. Uber does control well, and it dictates to the driver the best route to take, so the passenger trusts the driver will not take the longer route just to make some more money.
47
96 reads
Trust Tool: Transparency
Ecosystems who are trustworthy make past and present behavior visible to everyone participating in the platform. And that's the reason why you feel a pit in your stomach if you've ever booked an Airbnb with a host who is new to the platform and doesn't have any reviews yet.
46
94 reads
Trust Tool: Mitigation
How does the platform handle mishaps or prevent them from happening in the first place? Did you know that LiveAuctioneers, an auctions platform for art, collectibles and antiques, has a broad protection program that guarantees payments on the platform? That's an example of mitigation.
46
89 reads
Trust Tools: Conclusion
You don't need all the tools to be successful.
So how do you pick? It depends on the kind of ecosystem you design. If interactions among the participants are key, like in most social-media ecosystems, you will require a combination of access, transparency and control in order to be successful.
45
83 reads
IDEAS CURATED BY
Rylee 's ideas are part of this journey:
Learn more about business with this collection
The importance of innovation
The power of perseverance
How to think big and take risks
Related collections
Similar ideas
10 ideas
8 ideas
8 ideas
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates