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4. Conclusion
Gojek’s key success factors can be categorized in two areas. The entrepreneurial leadership skills of the founder Nadiem Makarim, and with this, the deep understanding of taking advantage of the economics of a multi-sided platform.
The founder is driven to solve fundamental problems and satisfy the needs of people, focusing on the solution, but is also ready to pivot, if necessary. He was prepared to grab an opportunity and developed the right solution at the right time. He is constantly innovating and transfers his attitude of experimenting and iterative fast failing and learning directly to his employees. Gojek was able to grow rapidly also because of a leadership model, that provides high autonomy.
Being successful in the multi-sided platform economy means to be a pioneer in the field, while having a competitive advantage of broad presence, and requires a specialized entry and growth strategy, that allows the company to exploit the economics of complementary goods and have awareness for cross-elasticity effects. Operating and maintaining an open, but well curated platform, focusing on user experience, as well as providing complementary services that increases the stickiness factor, makes it easier for the user to stay on the same platform and not to switch to the competitor.
As forward looking recommendations, the risk of the ongoing internationalization efforts have been pointed out, as well as to open up the platform to third-party contributors, that could use the platform for their own innovative business ideas, while Gojek curates and maintains the design, process and technology. Following the concept of Apple and Google, as they opened up their smart phone operating system for other developers, will further make good use of the economics of complementary goods.
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This paper aimed to analyze and find key success factors of Indonesia's first unicorn and motorcycle-based digital ride hailing company, with the help of methods learned and knowledge gained during the International MBA program, as well as from selected literature.
The author used a hendecagonal approach to assess the business plan of this venture, depicting the fundamental doings in a Business Model Canvas and conducting a SWOT analysis, leading to the strategic findings and recommendations that can be used as reference for entrepreneurs in this field. The mentioned key factors of success can be described as habits, as they are repeatable. A company under entrepreneurial leadership, that follows these habits and seeks to solve real life problems of people with a multi-sided platform, has great chances to be successful.
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Endnotes
1 Source: www.jakchat.com, 2019
2 Source: www.gojek.com, 2019
3 Source: McAfee/Brynjolfsson, 2017
4 Source: Indonesia Network Operators Group, 2016