For years, in devising growth strategies for our organizations, we’ve been shifting our focus from a siloed perspective to an interconnected ecosystem approach. And, today, we’re positioned to evolve from the initial waves of ecosystems—organized around profit and platforms—toward a new breed of ecosystems whose driving force is to serve a higher purpose in virtually every industry from Healthcare, Education, and Sustainable Travel, to Ethical Fintech.

THE SHIFT IS HERE: ECOSYSTEMS FOR PROFIT + PLATFORM + PURPOSE

How to Build a Purpose-Driven Ecosystem

The first wave of ecosystem thinking came when e-commerce allowed us to function on a more equal playing field. Traditional companies realized that true competitive advantage would require a new mindset that was suited for a world where our transactions were transparent—to our customers, our suppliers, and even our competitors. In that era, companies learned to cooperate with new partners to move forward.

Think of the traditional auto companies that entered the mobility market, cooperating with startups with new technologies from LIDAR to the AI behind autonomous vehicles to the infrastructure required to support electric vehicles.

The speed of innovation required a new spirit of cooperation and multiple players had to join forces to create change. Ecosystems based on collective platforms and shifts in who creates value and who captures the value became the new model for strategic growth.

Today, I’ve seen a new chapter in ecosystems that supports profit, is enabled by technologies and platforms, but goes one step further—to advance a greater purpose.

 

PURPOSE-BASED ECOSYSTEM EXAMPLE: MAYO SHIFTS FROM THE HOSPITAL TO THE HOME

As the pandemic progressed, it was clear that home-based healthcare needed a boost in support, capabilities, infrastructure, and investment. And it was impressive that leading healthcare providers—some of whom risked cannibalizing their existing hospital-based infrastructures—stepped forward to launch a new infrastructure uniting telehealth, home care, and technology.

 

PURPOSE STEP 1: SERVE THE CUSTOMER. In May 2021, a network of providers, spearheaded by Mayo Clinic, Kaiser, and Medically Home established a purpose-based ecosystem: aligned with a new social imperative to serve patients and families. 

PURPOSE STEP 2: ADDRESS POLICY. October 2021 the Advanced Care at Home Coalition—focused on advocacy—expanded to include Adventist Health, ChristianaCare, Geisinger Health, Integris, Johns Hopkins Medicine, Michigan Medicine (University of Michigan), Novant Health, ProMedica, Sharp Rees-Stealy Medical Group, UNC Health, and UnityPoint Health.

PURPOSE STEP 3: CREATE COLLECTIVE INFRASTRUCTURE + BUILD CAPACITY. In December of 2021, the US Department of Health and Human Services reported a 63-fold increase in telehealth just within the Medicare population. The combined impact of multiple players in the healthcare ecosystem working together was the only way to address the tipping point in alternatives to hospital-based care.

PURPOSE STEP 4: EXPAND THE ECOSYSTEM. January 2022: Baxter International, Cardinal Health, and Global Medical Response joined the Board of Medically Home.

Innov8rs Max Value Ecosystem

I recently shared my views on Purpose Based Ecosystems with the Innov8rs community, where I shared examples from travel, fintech, and other industries that have embraced this model.

I invite you to watch my segment on How to Build a Maximum Value Ecosystem.

How to Build a Maximum Value Ecosystem.

ToolBox

HOW TO BUILD A PURPOSE-BASED ECOSYSTEM

🔷 Recognize a significant challenge that can’t be served by your organization alone. 

🔷 Sketch the forces and capabilities that need to come together to address the shift in the market: technologies, services, products, and innovative business models.

🔷 Organize a pilot with a small coalition of leaders from every key part of the potential ecosystem.

🔷 Expand the model by constantly interconnecting the members toward the greater purpose.

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