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Platform Economy

Platform Economy

Platform Economy

The Platform Economy encapsulates the digital ecosystem where technology-driven platforms facilitate connections between businesses, individuals, and resources. It’s characterized by its ability to offer new economic opportunities, improve market access, and foster innovation across various sectors, including SMEs, gig work, and entrepreneurship. While it promotes flexibility and growth, it also poses challenges like regulatory complexities and job security. Grasping its dynamics is key for leveraging its benefits and navigating its challenges in today’s digital age.

Cluster Lead

Prof. Wesley Rosslyn-Smith

Professor

Cluster Sub-Topics

steptodown.com228996

SME

SME, or Small and Medium-sized Enterprises, are businesses below certain thresholds in terms of personnel and revenue. They contribute to economic growth, diversity, and social impact. Challenges include access to finance, competition, and regulatory burdens. Government initiatives and business support organizations support SMEs. Understanding SMEs is crucial for individuals, businesses, and policymakers.
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Entrepreneurship

Entrepreneurship is the process of creating or extracting economic value by identifying opportunities, developing new ideas, and bringing them to life. It involves taking risks, innovating, and adapting to changing market conditions. Key aspects include identifying opportunities, innovation, risk-taking, resourcefulness, and passion. Different types of entrepreneurship include small business, social entrepreneurship, serial entrepreneurship, and intrapreneurship. Entrepreneurship contributes to economic growth, innovation, and personal satisfaction.
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Gig Economy

The gig economy is a flexible, freelance work market with a diverse range of sectors, including ride-sharing, food delivery, and freelance writing. It offers potential benefits like flexibility, income opportunities, and access to diverse work. However, challenges include job insecurity, unstable income, lack of benefits, and potential exploitation. Understanding the gig economy is crucial for individuals, businesses, and policymakers to navigate the changing work landscape.
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