Leveraging the existing ecosystem to build a smarter planet
Marketplaces leverage technology to become the connective tissue around a specific domain - bringing supply side, demand side, players and information together in one dedicated place so that information does not remain fragmented and products and solutions can be readily identified and procured. When marketplaces are successful, they become THE go to destination for anyone seeking information in that domain and can actually become the market maker - offering critical mass, liquidity, network effects and viral growth. Amazon's domain consumer, Upwork is freelancing, OpenTable is restaurants, Airbnb and Kayak are travel, Zillow is real estate, Houzz is home renovation, Uber is ride sharing. Facebook mimics our real world social networks and LinkedIn our professional networks. Despite the massive potential of smart tech, big data and analytics and the importance of achieving sustainable growth, there is no platform dedicated to the products, services and information that will enable a smarter planet. Cruxx is that.
What happens when the ecosystem comes together in one domain on one marketplace?
Critical mass, Network Effects and Viral Growth.
- The Pod would not have been the game changer it was without the iTunes ecosystem.
- iTunes activity system transformed how consumers acquire, store and listen to music, made Apple the go-to provider of this new and better experience.
- End users and music label owners HAD to be on the platform - changed music distribution.
- Someone might build a better music player, but it would be hard to switch out of iTunes.
- ITunes allowed Apple to branch into other devices, services, and applications.
- 2013 Revenues: $170bn.
- The go to destination for home renovation.
- Magazine quality images, “Find a Pro” and Marketplace components.
- Successfully digitized the info that used to be locked in the minds of industry pros or displayed in magazines.
- Epitome of content, commerce, community.
- Founded 2009, 3 years to reach 1m images, 8 months to reach 2m images, 3.3m images as of May 2014.
- $2m 2010 initial funding, $150m raised at $2.3bn valuation in June 2014.