Chief Digital Officer’s Guide to the Collaborative Economy, with Jeremiah Owyang [VIDEO]

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Jeremiah Owyang, Founder of Crowd Companies, at the 2015 NYC CDO Summit

“The bad news is, your customers may be your competitors. The good news is, you can harness them,” declared Jeremiah Owyang, Founder of Crowd Companies, at the 2015 NYC CDO Summit, on April 29, 2015, hosted at Thomson Reuters.

We felt it appropriate to revisit Owyang’s featured presentation from last year’s Summit, given the return of our flagship NYC CDO Summit for its 4th year, presented by Centric Digital and hosted by Thomson Reuters on April 27, 2016.

According to Owyang, we are entering a new era of transformation that will dwarf even the adoption of the internet and social media: the collaborative economy.

“This is an economic movement where commonly available technologies enable people to get what they need from each other,” he explained.

Chief Digital Officers should take note that the collaborative economy is already here.

Billions are being invested in companies like Uber, Airbnb, or BlaBlaCar, and PCW predicts the collaborative economy will grow from $15 billion to $335 billion in revenue in the next ten years.

Investment in the collaborative economy is already almost double that in social media, $11 billion to $6 billion.

Make sure your digital strategy is ready for this big change by watching Owyang’s presentation below or reading on:

Jeremiah Owyang has spent the last few years researching and even living in the Collaborative Economy.

At one point he was able to use shared services to such a degree that he purchased fewer than 10 items in a three-month time span (not including food, personal/health care, and business travel).

The vast body of work that resulted from his research is available here.

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Jeremiah Owyang, Founder of Crowd Companies

To understand the level of disruption occurring, take into consideration:

  • It took Hilton Hotels 93 years to build an inventory of 600,000 rooms. Airbnb got there in just 4 years and has amassed 900,000 rooms around the globe, from everyday people, many of whom were previously customers;
  • Six-year-old Uber is one of the fastest-growing logistics companies, but it doesn’t own a single car, truck, or town car, and is valued at $43 billion;
  • LendingClub enables P2P loans, and has completed over $7 billion in loans in 5 years–without having a single physical branch or ATM;
  • Ten-year-old Etsy has 19 million active shoppers, doesn’t own a single factory, warehouse, or showroom, had an IPO for $3.3B
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Jeremiah Owyang, Founder of Crowd Companies

The effect on traditional providers is clearly becoming apparent. Taxi rides are decreasing every year in New York City, losing ground to Uber, for example.

“Whatever you do, don’t call Uber a taxi company,” Owyang said.

“This is a logistics companies, a big data logistics company. Every single car is now outfitted with an iPhone, which now makes that car an internet of things enabled device.

“Who has more data about traffic: The City of New York, or Uber?”

In the hotel sector, a Boston University study found that for every 1% increase in the number of Airbnb bookings, there is a .05% decrease in hotel revenue.

Altogether, Owyang has found over 13 distinct drivers behind the collaborative economy which show it’s here to stay.

This begs the important question: “What role do companies play when people get what they need from each other?”

CDO Club registered members can watch the video and read the rest of Jeremiah Owyang’s guide to the collaborative economy, below.

To register, visit here: http://cdoclub.com/membership .....

*The rest of this article is for CDO Club members only*





The CDO Summit in New York has sold out every year. Register now to ensure your spot at this important event.

See Select NYC Speakers:

Jo_Scarlett Kevin_Bandy Lauren_Lockwood

Joanna Scarlett
Chief Sales and Marketing Officer
BT Global Services

Kevin Bandy
SVP, Chief Digital Officer
Cisco

Lauren Lockwood
Chief Digital Officer
City of Boston

Jonathan_Becher Dana_Berchman Larry_Kramer

Jonathan Becher
Chief Digital Officer
SAP

Dana Berchman
Chief Digital Officer
Gilbert, Arizona

Larry Kramer
Director
Harvard Business School Publishing

Muirne_Laffan Brian_Manning Sharon_Feder

Múirne Laffan
Chief Digital Officer
RTÉ

Brian Manning
President & Chief Digital Officer
Centric Digital

Sharon Feder
Chief Digital Officer
Rachael Ray/ Watch Entertainment

See All NYC Speakers Here >

If you are tasked with understanding what digital leaders must do in order to succeed in almost any industry, the best place to learn more is at the CDO Summit.

Register today for the NYC CDO Summit presented by Centric Digital, hosted at Thomson Reuters on April 27, 2016.

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The CDO Summit is the “must-attend” digital event of the year. The 2013, 2014 and 2015 CDO Summits received stellar endorsements from dozens of speakers and attendees alike:

EricHellweg
  “Sometimes a conference comes along that hits the trifecta – hot topic, high-caliber attendees, and stellar location. The first Chief Digital Officer Summit reached that mark with ease, and I look forward to attending the next one.”
Eric Hellweg
Managing Director, Digital Strategy/Editorial Director
Harvard Business Review

TeddyGoff
“Congratulations and thanks to David Mathison for spotting the need for community and collaboration in the growing Chief Digital Officer space, and for having the wherewithal, network, and organizational talent to put together such a top-notch event in its inaugural year. Next year’s summit should be even more of a must-do for anyone working digital at senior levels in all kinds of businesses.”
Teddy Goff
Digital Director
President Barack Obama 2008 and 2012

perry-hewitt
“David, here’s a handy C^3 test for conference value: Did I learn at least three new perspectives? Check. Did I meet at least three interesting people? Check. Did I take back at least three relevant pieces of news I can use? Check. Flying colors for the Chief Digital Officer Summit 2013! Thank you so much, and yes, I’d be very pleased to participate next year!”
Perry Hewitt
Chief Digital Officer
Harvard University

mark-keys
“Congratulations to David Mathison and his team on the simply amazing job they did on the inaugural Chief Digital Officer Summit. Probably the most informative, insightful, on target, entertaining, collaborative, thought provoking, and inspiring conferences I have ever attended. I learned more about my business and what I do in the past 12 hours than I have from any research white paper, articles or blogs over the past 12 months. The range of topics and speakers assembled were incredibly diverse, informative, collaborative, and most of all, inspiring. It has invigorated me to be the best possible professional CDO I can be. David Mathison’s skills as a moderator were impeccable, bringing out the best of the speakers and keeping the conversation flowing. His intimate and insightful knowledge of this space is only out-shined by his humility and graciousness. Kudos to David and his organizing team.”
Mark Keys
Vice President, Client Solutions
Moving Interactive

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