Silicon Valley may be synonymous with network-based strategies, but it’s not a prerequisite. Firms worldwide, regardless of their location or industry, can leverage the power of networks to drive growth and innovation. The key lies in understanding that networks are not just about technology; they are about relationships.
The three types of networks that companies can tap into are the network of customers, the network of talent, and the network of partners. The network of customers involves using technology to understand and meet customer needs better. The network of talent involves sourcing and managing talent globally. The network of partners involves collaborating with other firms to create value.
Companies can use these networks to create a competitive advantage. For example, they can use customer networks to gain insights into customer behaviour and preferences. They can use talent networks to access skills and expertise that are not available in-house. They can use partner networks to tap into new markets and technologies.
It’s important to note that network-based strategies are not a one-size-fits-all solution. Each company must tailor its approach based on its unique circumstances and capabilities. But with the right strategy, any company can harness the power of networks to drive growth and innovation.
Go to source article: https://hbr.org/2017/07/you-dont-need-to-be-a-silicon-valley-startup-to-have-a-network-based-strategy?gig_events=socialize.login