The budding startups should understand few key points, before creating any interactive platform. Many companies like Uber, Facebook and Airbnb are highly popular these days, as they have created platforms for the users. These platforms help the users in one or the other ways.
Hence, for every startup firm looking to create a platform, it is necessary to keep certain points in mind:
It should be understood that platforms are driven by usage. Hence, before thinking about the features of the platform; think about its usage; think about how the platform usage by one person would drive the usage by other person.
2. Limited Open Participation
Excess of anything can be bad. So, make sure that you do not provide too much of participation. It is good when there is a perfect system to collect and manage data.
3. Self-Reinforcing Feedback Loops
It is very important to provide self-reinforcing feedback loops. Most of the entrepreneurs lack, just at this point. They create superb product decisions, but fail to create the feedback loops.
4. Accelerating Value
It should be kept in mind that every time, the platform or product is used by the user; he or she should feel more value than before.
So, before you actually think of creating new platforms, you must keep all the major facts in mind. Also, consider the data as the biggest asset.
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