BUILDING AND SUSTAINING INNOVATIVE

ORGANIZATIONS
RAJ ECHAMBADI

Lesson 1: Executing
Innovative Business Models
How Do Innovative Business Models
Help Companies?
TRAVELER’S CHECKS FROM
AMERICAN EXPRESS

Consumers

CoolKid1993 (2008)

American
Merchants
Express
MODULE 4
DINERS CLUB CREDIT CARD

Consumers

Merchants Diner’s Club

MODULE 4
APPLE iPOD

+
Chabe01 (2013)

Karonen (2006)

MODULE 4
SONGS DOWNLOADED ON ITUNES!
12
Songs (in Billions)
10

0
2003 2004 2005 2006 2007 2008 2009 2010
Year
Source: Wikipedia; https://en.wikipedia.org/wiki/ITunes_Store

MODULE 4
 Plans with innovative products are not enough;
they need to be complemented with an appropriate
business model.

MODULE 4
BUSINESS MODEL: WHY AND HOW?
A business model, for a company, represents a better way of doing business than
existing alternatives at accomplishing their strategy.

The motivations of all parties must be understood to develop a coherent business

model.

MODULE 4
BUSINESS MODEL DEFINED
A cohesive business system that reflects the economic logic of the firm -- how the
company can use its capabilities in order to create value for its customers and
capture value back from customers.

MODULE 4
 A business model can help new
businesses; it can identify innovative
opportunities of doing business

MODULE 4
 Selling things
Making things Distribute, sell, and
Source and service
manufacture

Company-side Customer-side

Source: Magretta, Joan (2002), “Why Business Models Matter,” Harvard Business Review.
MODULE 4
 HP IBM
Consumer
Apple

MODULE 4
 Dell Gateway Consumer

MODULE 4
 Improve/tweak existing model to
offer better value/revenue sources

MODULE 4
 Connormah (2011)

CVS Health (2014)

MODULE 4
AMAZON
Launched in 1995

Consumers

Source: Alexander Osterwalder and Yves Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, 2010,
MODULE 4 John Wiley and Sons, NJ.
AMAZON
Launched in 1995

Consumers

Low operating margin

Amazon

Source: Alexander Osterwalder and Yves Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, 2010,
MODULE 4 John Wiley and Sons, NJ.
AMAZON
Launched in 1995

Consumers

$ 8.5 billion sales Low operating margin

Merchants Amazon

Source: Alexander Osterwalder and Yves Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, 2010,
MODULE 4 John Wiley and Sons, NJ.
AMAZON

Consumers

AWS Trademark Guidelines (2012)

Source: Alexander Osterwalder and Yves Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, 2010,
MODULE 4 John Wiley and Sons, NJ.
AMAZON

Consumers

AWS Trademark Guidelines (2012)

Amazon

Source: Alexander Osterwalder and Yves Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, 2010,
MODULE 4 John Wiley and Sons, NJ.
AMAZON

Consumers

Fulfillment AWS Trademark Guidelines (2012)

Services

Merchants Amazon

Source: Alexander Osterwalder and Yves Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, 2010,
MODULE 4 John Wiley and Sons, NJ.
 A business model is not the same as
strategy.
It is a self-contained system that does not
involve competition

MODULE 4
 A strategy is a broad plan to
differentiate the enterprise either
through low-cost leadership or value
differentiation and thereby derive a
competitive advantage

The object of strategy is a business

model
MODULE 4
 Strategy

Source: Casadesus-Masanell, Ramon, and Joan Enric Ricart. “From Strategy onto Business Models and Tactics.“ Special Issue on Business Models Long
MODULE 4 Range Planning 43, no. 2 (April 2010).
 Strategy Business Model

Source: Casadesus-Masanell, Ramon, and Joan Enric Ricart. “From Strategy onto Business Models and Tactics.“ Special Issue on Business Models Long
MODULE 4 Range Planning 43, no. 2 (April 2010).
 Tactics
Strategy Business Model
(Execution)

Source: Casadesus-Masanell, Ramon, and Joan Enric Ricart. “From Strategy onto Business Models and Tactics.“ Special Issue on Business Models Long
MODULE 4 Range Planning 43, no. 2 (April 2010).
 IKEA embarked on a low-cost, convenience-
oriented strategy. Built a business model around
that strategy and executed it to perfection

MODULE 4
 IKEA-side Consumer-side

Design Quality
Modular furniture Stylish products
Volumes and scale Convenience

MODULE 4
 Stylish design

MODULE 4
 Stylish design Quality products

MODULE 4
 Stylish design Quality products Customer loyalty

MODULE 4
 Stylish Quality Customer Enhanced
design products loyalty revenues

MODULE 4
 Modular design

MODULE 4
 Long-term
Modular design
suppliers

MODULE 4
 Long-term Lower supply-
Modular design
suppliers side costs

MODULE 4
 Lower Cost
Modular Long-term
supply-side savings for
Design suppliers
costs consumers

MODULE 4
 Enhanced
Modular Product Cross-selling
sales and
design variety opportunities
revenues

MODULE 4
 Ease of
assembly

MODULE 4
 Ease of Immediate
assembly gratification

MODULE 4
 Ease of Immediate
Impulse buying
assembly gratification

MODULE 4
 Enhanced
Ease of Immediate Impulse
sales and
assembly gratification buying
volumes

MODULE 4
 Enhanced
Ease of Immediate Impulse Supply-side
sales and
assembly gratification buying scale
volumes

MODULE 4
VIRTUOUS CYCLES STRENGTHEN THE
BUSINESS MODEL

Supply-side Demand-side
Customer
Design
Value

Modular
Furniture

MODULE 4
BUILDING AND SUSTAINING INNOVATIVE
ORGANIZATIONS
RAJ ECHAMBADI

Lesson 2: Executing
Innovative Business Models
Elements of a Business Model and
Business Model Canvas
COMPONENTS OF A BUSINESS MODEL

Source: Johnson, Christensen, and Hagermann, 2008, Reinventing Business Model, Harvard Business Review.
MODULE 4
COMPONENTS OF A BUSINESS MODEL

Source: Johnson, Christensen, and Hagermann, 2008, Reinventing Business Model, Harvard Business Review.
MODULE 4
COMPONENTS OF A BUSINESS MODEL

Source: Johnson, Christensen, and Hagermann, 2008, Reinventing Business Model, Harvard Business Review.
MODULE 4
COMPONENTS OF A BUSINESS MODEL

Source: Johnson, Christensen, and Hagermann, 2008, Reinventing Business Model, Harvard Business Review.
MODULE 4
COMPONENTS OF A BUSINESS MODEL

Source: Johnson, Christensen, and Hagermann, 2008, Reinventing Business Model, Harvard Business Review.
MODULE 4
COMPONENTS OF A BUSINESS MODEL

Source: Johnson, Christensen, and Hagermann, 2008, Reinventing Business Model, Harvard Business Review.
MODULE 4
COMPONENTS OF A BUSINESS MODEL

Source: Johnson, Christensen, and Hagermann, 2008, Reinventing Business Model, Harvard Business Review.
MODULE 4
CUSTOMER VALUE PROPOSITION (CVP)

CVP

What is the BASIS of competition that the company is catering to?

MODULE 4
CUSTOMER VALUE PROPOSITION (CVP)
What value does the offering
deliver?

CVP

What is the BASIS of competition that the company is catering to?

MODULE 4
CUSTOMER VALUE PROPOSITION (CVP)
What value does the offering
deliver?

CVP

How are we reaching the

segment(s)?

What is the BASIS of competition that the company is catering to?

MODULE 4
CUSTOMER VALUE PROPOSITION (CVP)
What value does the offering
deliver?

CVP

How are we reaching the

Who is the target segment? segment(s)?

What is the BASIS of competition that the company is catering to?

MODULE 4
 Resources

MODULE 4
 Physical

Resources

MODULE 4
 Physical

Human
Resources Talent

MODULE 4
 Physical

Human
Resources Talent

Intangible

MODULE 4
 Physical

Human
Financial Resources Talent

Intangible

MODULE 4
 Human
Resources Talent

MODULE 4
 Resources

Intangible

MODULE 4
 Financial Resources

MODULE 4
PROCESSES

Dennis Fadeev (2014)

MODULE 4
COMPONENTS OF A BUSINESS MODEL

Source: Johnson, Christensen, and Hagermann, 2008, Reinventing Business Model, Harvard Business Review.
MODULE 4
SYNERGIES AMONG THE COMPONENTS
LEAD TO VIRTUOUS CYCLES

Value
capture

Value
Creation

Capabilities

MODULE 4
BUILDING AND SUSTAINING INNOVATIVE
ORGANIZATIONS
RAJ ECHAMBADI

Lesson 3: Executing
Innovative Business Models
Designing Innovative Business Models
BUSINESS MODEL CANVAS

Relationships
Value Customer
Value
Propositions Creation Segments

Revenues Channels

MODULE 4
BUSINESS MODEL CANVAS

Relationships
Value Customer
Propositions Segments

Revenues Channels

Alexander Osterwalder and Yves Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, NJ: John Wiley and Sons, 2010.
MODULE 4
WHAT IS THE VALUE PROPOSITION?

What are the bundle of benefits?

What value does the What are the pain points?
offering deliver?
What are the points of difference?

MODULE 4
WHO ARE THE SEGMENTS?

Segments

MODULE 4
WHO ARE THE SEGMENTS?

Mass

Segments

MODULE 4
WHO ARE THE SEGMENTS?

Mass

Multi-
Segments segment

MODULE 4
WHO ARE THE SEGMENTS?

Mass

Multi-
Segments segment

Platform

MODULE 4
WHO ARE THE SEGMENTS?

Mass

Multi-
Niche Segments segment

Platform

MODULE 4
HOW WILL WE REACH SEGMENTS
THROUGH THE CHANNELS?

Mass

Multi-segment

Niche

Platform

MODULE 4
 Segments

MODULE 4
 Low-touch
engagement

Segments

MODULE 4
 Low-touch
engagement

Social
Segments Communities

MODULE 4
 Low-touch
engagement

Social
Segments Communities

Co-creation

MODULE 4
 Low-touch
engagement

High touch Social

engagement Segments Communities

Co-creation

MODULE 4
 Social
Segments Communities

MODULE 4
 Segments

Co-creation

MODULE 4
 High touch
engagement Segments

MODULE 4
BUSINESS MODEL CANVAS

Resources Relationships
Value Customer
Partners
Capabilities Propositions Segments

Activities Revenues Channels

Alexander Osterwalder and Yves Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, NJ: John Wiley and Sons, 2010.
MODULE 4
WHAT RESOURCES SHOULD WE USE?

Physical Human Financial

Intangible

MODULE 4
WHAT ARE THE PARTNERSHIPS?

Buyer/seller Alliance Co-opetition

Joint venture

MODULE 4
WHAT ARE THE ACTIVITIES?
The things that a company should do!

MODULE 4
BUSINESS MODEL CANVAS

Resources Relationships
Value Customer
Partners Propositions Segments

Activities Revenues Channels

Costs Revenues
Value Capture

MODULE 4
 WHAT ARE THE REVENUES AND COSTS?

Revenues
How will we make money?

Costs
What does it cost to make our product?

MODULE 4
BUSINESS MODEL CANVAS

Resources Relationships
Value Customer
Partners Propositions Segments

Activities Revenues Channels

Costs Revenues

MODULE 4
ILLUSTRATION OF THE BUSINESS
MODEL CANVAS
An example from Metro newspapers:

Mass Transit Media (2014)

Robert G. Picard, “Strategic Responses to Free Distribution Daily Newspapers,” JMM, 2, no. 3 (2001): 167-172, http://journals.sfu.ca/mediajournal/index.php/jmm/article/viewFile/178/61.
MODULE 4 Alexander Osterwalder and Yves Pigneur, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, NJ: John Wiley & Sons, 2010.
BUSINESS MODEL CANVAS

Resources Relationships
Value Customer
Partners Value
Propositions Creation Segments

Activities Revenues Channels

Costs Revenues

MODULE 4
BUSINESS MODEL CANVAS

Transactive

Basic news to Relationships Urban

fill time. FREE. commuters
Self-serve
Revenues
Captive audience Advertisers
for ad messages Salesforce

MODULE 4
BUSINESS MODEL CANVAS

Transactive

Basic news to Relationships Urban

fill time. FREE. commuters
Self-serve
Revenues
Captive audience Advertisers
for ad messages Salesforce

MODULE 4
BUSINESS MODEL CANVAS

Transactive

Basic news to Relationships Urban

fill time. FREE. commuters
Self-serve
Revenues
Captive audience Advertisers
for ad messages Salesforce

MODULE 4
BUSINESS MODEL CANVAS

Transactive

Basic news to Relationships Urban

fill time. FREE. commuters
Self-serve
Revenues
Captive audience Advertisers
for ad messages Salesforce

MODULE 4
BUSINESS MODEL CANVAS

Transactive
Resources
Basic news to Relationships Urban
Partners
Capabilities fill time. FREE. commuters
Self-serve
Activities Revenues
Captive audience Advertisers
for ad messages Salesforce

MODULE 4
BUSINESS MODEL CANVAS

Distribution Manage paper Transactive

agreements operations
with Manage the
Basic news to Relationships Urban
public transport salesforce
fill time. FREE. commuters
Brand Self-serve
Publishers’ Revenues
Captive audience Advertisers
associations People for ad messages Salesforce

MODULE 4
BUSINESS MODEL CANVAS

Resources Relationships
Value Customer
Partners Propositions Segments

Activities Revenues Channels

Costs Revenues
Value Capture

MODULE 4
BUSINESS MODEL CANVAS

Distribution Manage paper Trans active

agreements operations
with Manage the
Basic news to Relationships Urban
public transport salesforce
fill time. FREE commuters
Brand Self-serve
Publishers’ Revenues
Captive audience Advertisers
associations People for ad messages Salesforce

Newspaper operations – gathering

news, printing, distribution, Free newspaper that is ad-supported
administrative, editorial, and service.

MODULE 4
DESIGNING INNOVATIVE BUSINESS MODELS

Assess. Question. Reframe. Design.

MODULE 4
ASSESS. WHAT IS THE CURRENT STATE?
Outline the current business models in the industry. What are the assumptions on
creating value?

Evaluate the context. What are the key trends that may impact the business in
the future?

MODULE 4
QUESTION: WHAT IF?
Question the assumptions.

Question conventional wisdom.

Engage in thought experiments to break the mold.

Look outside for inspiration.

MODULE 4
 Pay-as-you-go Subscription model

© Amazon (2011)

MODULE 4
 Sell a product Sell a service

Hilti AG (2013)

MODULE 4
 Integrated Value Chain Disintermediated Value Chain

Cirque du Soleil (2016)

MODULE 4
 Integrated Value Chain Disintermediated Value Chain

Rand (1972)

Cirque du Soleil (2016)

MODULE 4
 Asset-heavy and Asset-light and
control resources orchestrate resources

Airbnb (2016)

MODULE 4
 Asset-heavy and Asset-light and
control resources orchestrate resources

Airbnb (2016)

Uber (2014)

MODULE 4
 Sell a complete product Sell a fractional product

NetJets (2017)

MODULE 4
 Razor-blade model Reverse razor-blade model

Amazon.com (2011)

MODULE 4
REFRAME IN LIGHT OF THE CONTEXT
Reframe. Based on your analyses, what are the opportunities? Within the
company, better leverage of resources, and/or delighting its customers?

MODULE 4
 Design the new innovative model. Check. Pilot-
test. Iterate. Learn. Scale.

MODULE 4
CONTEMPORARY BUSINESS MODELS IN
THE ERA OF DIGITIZATION

Long-tail

Platform Bundling

Crowd-sourced

MODULE 4
LONG-TAIL

Focus from a small number of “hits” in large numbers aka

blockbusters to large numbers of “niche” items in small
quantities.

User:Husky (2006)

MODULE 4
WHY IS LONG TAIL GETTING A LOT OF PLAY?

For brick and mortar stores In the online world,

Shelf space is limited; Shelf space is (theoretically) infinite;
costs of stocking a physical product is
Consumers are localized; and much lower;
Communication is costly. Can shift to made-to-order production;
Given that retailers and distributors Powerful search tools have led to
seek to maximize their returns, they discovery of nice products easier;
tend to focus their resources on a In all-digital products, production,
distribution, and communication costs are
small number of best sellers that
much lower;
appeal to the mainstream.
Aggregate consumers around the world.

MODULE 4
PRODUCT AVAILABILITY IN ONLINE AND
PHYSICAL STORES
Product Large online retailer Large brick and mortar
retailer
Books 3,000,000, 40,000-100,000
DVDs 18,000 500-1,500
Digital Cameras 213 36
Flatbed scanners 171 13
Source: Byrnjolfsson, Hu, and Smith, “From Niches to Riches: Anatomy of the Long Tail,” Sloan Management Review, 2008

MODULE 4
PLATFORM MODELS
Well-executed platforms enjoy increasing returns to scale because of network
effects.

Pricing is complicated. Understand the “subsidy” and “money” side of the platform
and then price appropriately.

Buyers Sellers

Buyers Platform
Platform Sellers

MODULE 4
CROWD-SOURCED MODELS

© Wikimedia Foundation / CC BY-SA 3.0 / https://goo.gl/4hZAMW

MODULE 4
 © Kickstarter

MODULE 4
 InnoCentive (2016a)

InnoCentive (2016b)

MODULE 4
BUILDING AND SUSTAINING INNOVATIVE
ORGANIZATIONS
RAJ ECHAMBADI

Lesson 4: Executing
Innovative Business Models
Contemporary Business Models in the
Era of Digitization
BUNDLED MODELS
Offering several disparate products into a combined bundle. Subscription is a
form of bundling.

MODULE 4
WILLINGNESS TO PAY FOR ARR AND ADELE

Andrew Akila

Album by AR Rahman $10 $20

Album by Adele $20 $9

MODULE 4
CHARGING HIGH FOR ARR AND ADELE

Andrew Akila

Album by AR Rahman $10 $20

Album by Adele $20 $9
Two albums are sold. High price strategy: 1x $20 + 1x $20 = $40

MODULE 4
CHARGING LOW FOR ARR AND ADELE

Andrew Akila

Album by AR Rahman $10 $20

Album by Adele $20 $9
Four albums are sold. Low price strategy: 4x $9 = $36

MODULE 4
BUNDLING FOR ARR AND ADELE

Andrew Akila
Album by AR Rahman $10 $20
Album by Adele $20 $9
Bundles product of ARR $30 $29
and Adele
Total revenue: 2x$29 = $58

MODULE 4
 For all-digital products, with zero or low marginal
costs and high fixed costs, bundling large numbers
of information goods is a profitable strategy

MODULE 4
APPLICATION CORNER

MODULE 4
Penguin Random House (2016)
REVENUES AND COSTS OF PHYSICAL
NEWSPAPERS
Advertising revenues and
Revenues sales of individual newspaper
copies

Costs
Gathering news, newspaper operations,
and distribution, sales, and service.
Source: Vogel, H, Entertainment Industry Economics, 7th edition, page 343;
Pew Research Center, Accessed at http://www.journalism.org/2016/06/15/newspapers-fact-sheet/
MODULE 4
Hal Varian’s presentation: Accessed at https://www.ftc.gov/sites/default/files/documents/public_events/how-will-journalism-survive-internet-age/varian.pdf
Print is still a common way of reading newspapers.
But newspaper advertising as a % of total advertising dollars is about 10%.

Print Advertising as % of Total Advertising

40%

35%

30%

25%

20%

15%

10%

5%

0%
1960 1975 1990 2005 2020
Sources:
Amy Mitchell and Jesse Holcomb, "State Of the News Media 2016," Pew Research Center, June 15, 2016, http://www.journalism.org/2016/06/15/state-of-the-news-media-2016/
MODULE 4 Hal Varian, "Newspaper Economics: Online and Offline," March 9, 2010, https://www.ftc.gov/sites/default/files/documents/public_events/how-will-journalism-survive-internet-age/varian.pdf
PER CAPITA CIRCULATION OF PRINT
NEWSPAPERS
Interactive Per Capita Circulation Over Time
0.35
exercise
Circulation as a % of Population
0.3

0.25

0.2

0.15

0.1

0.05

0
X1 X2 X3 X4 X5 X6
Year
Hal Varian, "Newspaper Economics: Online and Offline," March 9, 2010, https://www.ftc.gov/sites/default/files/documents/public_events/how-will-journalism-survive-internet-age/varian.pdf
MODULE 4
PER CAPITA CIRCULATION OF PRINT
NEWSPAPERS
Per Capita Circulation
0.35

Circulation as a % of US Population
0.3

0.25

0.2

0.15

0.1

0.05

1960 1970 1980 1990 2000 2010

Year
Hal Varian, "Newspaper Economics: Online and Offline," March 9, 2010, https://www.ftc.gov/sites/default/files/documents/public_events/how-will-journalism-survive-internet-age/varian.pdf
MODULE 4
WHY DID FALLING PER CAPITA NUMBERS
NOT RAISE AN ALARM?

Circulation as a # of
Population
% of population newspapers
100,000 10% 10,000
120,000 9% 10,800

MODULE 4
WHY DID FALLING PER CAPITA NUMBERS
NOT RAISE AN ALARM?

# of Price of a Topline
newspapers copy revenues
10,000 $1.00 10,000
9,000 $1.20 10,800
MODULE 4
MARKETING MYOPIA

Advertising (Scale)
News (Personalized)

MODULE 4
 Internet became the trigger that unbundled these
two business models

MODULE 4
 Ad revenues depend on reader engagement. So how
should newspapers improve engagement?

MODULE 4
REFERENCES
Airbnb (2016). Airbnb logo [Online Image]. Retrieved from https://commons.wikimedia.org/wiki/File:Airbnb_Logo.svg

Amazon.com (2011). Amazon kindle logo [Online Image]. Retrieved from

https://commons.wikimedia.org/wiki/File:Amazon_Kindle_logo.svg

AWS Trademark Guidelines (2012). Amazon web services logo [Online Image]. Retrieved from
https://commons.wikimedia.org/wiki/File:AmazonWebservices_Logo.svg

Chabe01 (2013). Itunes store icon [Online Image]. Retrieved from https://commons.wikimedia.org/wiki/File:ITunes_Store_icon.svg

Cirque du Soleil (2016). Untitled [Online Image]. Retrieved from

https://plus.google.com/photos/117560566693154728562/albums/profile/6356931671958848466

Connormah (2011). CVS pharmacy alt logo [Online Image]. Retrieved from
https://commons.wikimedia.org/wiki/File:CVS_Pharmacy_Alt_Logo.svg

CoolKid1993 (2008). American Express logo [Online Image]. Retrieved from

https://en.wikipedia.org/wiki/American_Express#/media/File:American_Express_logo.svg
REFERENCES
Hilti AG (2013). Hilti logo [Online Image]. Retrieved from https://commons.wikimedia.org/wiki/File:Hilti_logo.svg

CVS Health (2014). Minute clinic logo 2014 [Online Image]. Retrieved from
https://commons.wikimedia.org/wiki/File:MinuteClinicLogo2014.png

Hitomi (2016). Diners club regular Japan 2016 [Online Image]. Retrieved from
https://commons.wikimedia.org/wiki/File:Diners_Club_Regular_Japan_2016.jpg

InnoCentive. (2016a). InnoCentive Logo [Digital image]. Retrieved January 10, 2017, from https://www.innocentive.com/

InnoCentive. (2016b). Key Stats [Digital image]. Retrieved January 10, 2017, from https://www.innocentive.com/about-us/

Karonen, Ilmari (2006). Ipod backlight transparent [Online Image]. Retrieved from
https://commons.wikimedia.org/wiki/File:Ipod_backlight_transparent.png

Mass Transit Media (2014). Journal metro [Online Image]. Retrieved from
https://commons.wikimedia.org/wiki/File:Journal_Metro.jpg

NetJets. (2017, January). NetJets Logo [Digital image]. Retrieved January 10, 2017, from https://www.netjets.com/Home/
REFERENCES
Penguin Random House. (2016, October 18). Content Trap Cover [Digital image]. Retrieved from
http://www.penguinrandomhouse.com/books/231788/the-content-trap-by-bharat-anand/9780812995381/

Rand, Paul (1972). IBM logo [Online Image]. Retrieved from https://commons.wikimedia.org/wiki/File:IBM_logo.svg

Uber Inc. (2014, December 11). Uber App Icon [Digital image]. Retrieved January 10, 2017, from
https://commons.wikimedia.org/wiki/File:Uber_app_icon.png

User:Husky (2006). Long tail [Online Image]. Retrieved from https://commons.wikimedia.org/w/index.php?curid=1449504