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Another element in Apple's success
As I have written before, there are multiple keys to Apple’s success. Beyond cool technology, attention to design and a focus on the customer experience are two of the most prominent. But, as a this vignette from the HBS blog posting “Funding Innovation: Is Your Firm Doing it Wrong?” notes, there was another key:
A poster child for this model [of corporate VC funds] was the iFund, a 2008 joint effort between Kleiner Perkins and Apple to invest in companies that would develop apps for the iPhone. The result: a critical mass of applications for Apple’s App Store, which today boasts some 700,000 iPhone and iPad applications and 400 million customer accounts.
In other words, part of Apple’s success was in specifically and deliberately creating an innovation ecosystem around its platforms. The fund was not formed to make money but to promote Apple’s business strategy.
By the way, the vignette is from Josh Lerner’s new book, The Architecture of Innovation. Worth a full read. You can download Chapter 1 here and look at first pages on Amazon.
2012-10-09 16:02:08
Source: http://www.athenaalliance.org/weblog/archives/2012/10/another-element-in-apples-success.html
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