Companies built around the concept of becoming a 'platform'—from Facebook, You Tube, and Twitter to Amazon, Uber and Airbnb—were able to use that term as a springboard for enormous growth and wealth. Now comes a reckoning over responsibility.
Tech companies like to boast of their life-changing products and mind-blowing innovations, but the word that most defines the industry’s boom over the past two decades is more mundane. “Platform.”
Seemingly everyone in tech—and many beyond—wants to be a platform business. Uber Technologies Inc. used the term 747 times in its IPO prospectus in May. We Co., parent of troubled office lessor WeWork, boasted of its global platform throughout the filing for its failed IPO. Peloton Interactive Inc., which makes networked exercise...
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