Research On Value Co-creation Of Xiaomi Platform Ecosystem

With the continuous progress of information and communication technology,a large number of platform business models relying on Internet technology are emerging.The platform system can stimulate the indirect network effect of the system by gathering consumers and producers and by virtue of the complementarity between platform participants,so as to create value.The platform model reduces the information asymmetry between participants,reduces transaction costs,and greatly improves the efficiency of value creation of the platform system and market competitive advantage.Therefore,the platform business model has been paid more and more attention and studied by academia and enterprise organizations.This paper adopts the case study method and takes Xiaomi as the case study object to build an incubation platform ecosystem.Xiaomi uses its own resources as platform architecture resources and professional resources,and attracts external complementary resources to help entrepreneurial enterprises start businesses.Xiaomi and entrepreneurial enterprises have both grown rapidly with the help of the platform system,creating a typical case of an incubation platform ecosystem.From the perspective of entrepreneurial resources,under the guidance of existing theories and documents,this paper makes an in-depth analysis of the resource endowments and resource support relationships of all participants in the Xiaomi platform system,analyzes the construction mode of the platform system and the governance strategy of the platform,and finally summarizes the value co-creation mechanism and its realization path of the platform system.The research found that the existing platform resource complementarity theory or the traditional value chain theory could not fully explain the resource support relationship and value creation model of the Xiaomi platform ecosystem.The platform resource complementarity theory lacks the theoretical explanation of the dynamic feedback behavior from the perspective of platform participants,while the value creation perspective of the value chain theory also has a theoretical blind spot for the cross industry and multi-party value co-creation of the participants around the platform core enterprises in the Xiaomi platform ecosystem.This research connects the platform theory and entrepreneurship incubation,which enriches the theoretical connotation of the platform ecosystem and the business practice of the platform ecosystem,and has certain reference and reference significance for the application of the platform model of domestic enterprises and the growth of entrepreneurial enterprises.