Creating a business ecosystem is grossly underrated in today’s cryptocurrency world. Many ICO’s seek to compete with several rising and established competitors in inundated industries with complete disregard to forging strategic partnerships and creating sustainable communication channels with the notion that a novel solution to a problem is solely enough for achieving success. Any company established within a specific industry would be usually comprised under various ecosystems. Understanding how these ecosystems interact with each other, identifying potential constraints and forging strategic partnerships can be the vital difference between success and failure for any company.
A case study of BEAT, a German cryptocurrency company within the health and fitness industry, would portray the importance of creating such a successful business ecosystem. The BEAT ecosystem allows data creators and consumers to share their fitness data in exchange for BEAT tokens and they also allow users to build contracts in exchange for staying healthy, like a company rewarding its employees for going to the gym.
Cross-Industry Alliances
Establishing alliances and strategic partnerships across industries help in enabling knowledge creations as well as gaining diverse perspectives from every side of the spectrum.
For instance, BEAT formed an alliance with multiple companies that belong to the ‘Loyalty Group’, which includes MySports GmbH, Magicline GmbH, EuroFit24 GmbH and Bedarf.de GmbH. Each of these companies are well established within their own specific industry functions and thereby help in providing skilled expertise as well as knowledge concerning their industry. Compounding the functions and attributes of each of these companies clearly indicates that they’ve been strategically selected for BEAT’s intended goal of disrupting the health and fitness industry using Blockchain technology.
Early-stage industry adaptation
Business Ecosystems are vital for any company to adapt and evolve specifically to an early-stage industry like blockchain technology.
Magicline GmbH, one of BEAT’s strategic partner, is the German market leader for fitness management software with over 3,000 fitness studios using their software. Having access to their existing digital sports tracking platforms enables BEAT to take advantage of the reinforcing feedback loop between the original data migration towards their Blockchain platform, thus giving them a competitive edge within this early-stage industry.
Competitive Edge
When several independent companies that are working towards a similar goal come in unison to form a business ecosystem, they are better poised to deliver successful results and understand the needs of the customers within the business landscape. Customers and clients also value partnerships and corporate alliances due to reasons such as increased capital, more advisors and proven track record.
A concise summary of some of BEAT’s partners within its business ecosystem would help portray this importance of gaining a competitive edge:
– Magicline GmbH: One of the German market leaders for fitness management software helping to develop the BEAT Blockchain
– EuroFit24 GmbH: Service provider delivering administrative and financial services to owners and managers of sports facilities.
– Bedarf.de GmbH: Enables access to their NoExcuse app and runs the online marketplace Bedarf.de
– Gantner Technologies: is the leading international manufacturer of contactless NFC access control, electronic locking and cashless payment applications for the global leisure industry.
– GoCardless: is creating a new international payments network to rival credit and debit cards.
– LifeFitness: Their mission is to keep people active that started with the Lifecycle exercise bike and continues with the widest range of cardio, strength and group training products in the fitness industry.
– Matrix Fitness: They offer cardio, strength and group training equipment, innovative technology, and unique programming.
– InBody: is the global leader in the body composition analysis industry with world-class technological advancements.
To further establish their presence within the industry, BEAT’s partner EuroFit 24 GmbH also bought almost 100 million Euros in claims from gyms and fitness studies during the last 3 years.
Some of BEAT’s Partners
Expanded Revenue-inflow stream
Partnering with established firms also helps in bringing more revenue and potentially expanding in areas that one may not have been exposed directly to. Having such a safety net could be an extremely attractive prospect to investors and customers alike due to the fact that it promises great dividends along with innovations within the business from the retained earnings.
Many of BEAT’s partner companies including EuroFit 24 GmbH, bedarf.de GmbH, and Magicline GmbH have already been earning millions of dollars in revenue and hence would contribute to an expanded revenue-inflow stream for BEAT to focus on their Blockchain integration and potential future updates to the platform.
Hence, these are some of the most prominent factors that help convey the importance of building a sustainable business ecosystem based on strategically chosen partners that contribute to the success and growth of any company that is seeking to excel within a competitive market.
