Trust, we instinctively realize, is a precious quality that binds relationships, and nowhere more so than in business ecosystems. It’s foundational, but also fragile because all the participants in an ecosystem must learn to work with, and rely on, each other, knowing that no external force compels them to do so. Mutual trust, as much as mutual interest, binds business ecosystems.
Yet few business leaders focus on fostering trust when they create and orchestrate ecosystems. Instead of systematically and specifically incorporating trust into the fabric of their ecosystems, most operate under the assumption that trust will automatically grow over time. However, trust is difficult to build—and easy to erode. When it is neglected, trust withers and distrust blooms, dooming ecosystems to failure.
Based on our research, this article offers a systematic process that business leaders can use to design and manage trust in ecosystems, thereby setting themselves up for sustained success.
Authors: François Candelon, Marcos Aguiar, Niklas Knust, Santino Lacanna, Ulrich Pidun
Source: Boston Consulting Group (BCG)
Subjects: Business Model, Strategy
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