‘Plug and play’ concept first came in computing world, originally referred to a device or a component in a system to be discovered without the need for physical device configuration or user intervention. Now it has been applied in the business world. A plug-and play-platform is a horizontally integrated model with separate components designed to work seamlessly together. These could be packages, horizontally integrating separate vendors, service providers and consumers, enable organizations to quickly and efficiently plug-and-play benefits and services within their existing offering. In summary, a ‘plug and play’ business model to allow multiple participants to connect to a platform, interact with each other and create and exchange value.
Plug & Play Digital Platforms
The biggest digital platforms are Google, Amazon, Facebook and Apple.
The top 15 publicly listed platforms by market cap.
Another example is the Plug and Play Tech Center, a global innovation platform, which connects startups to corporations, and VC partners, invests in over 100 companies every year. Success stories include PayPal, Dropbox, SoundHound, and Lending Club.
We expect to see more and more digital platforms with Plug and Play capability changing the way we work, live and play.
Graphic source: Statista - Digital Economy Compass; cover image: Unsplash, Garett Mzunaka, edited