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From now on,
we'll dive into real-world examples

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Let's look at
practical business model examples

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In the previous session
we learned about

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the business model
of the video rental market

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This is a kind of the leasing
and the rental business model

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As you can see,
this machine is Xerox printer

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It performed very well
compared to its competitor

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For example

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It prints three papers in a minute

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Three papers

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And the competitors?

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Competitors only print out

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just one paper in three minutes

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So functionally, this printer is superior

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Only problem was

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It is very expensive in prices

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So, the Xerox warehouse was full of

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new machines that could not be sold

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Even though Xerox made a good product

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they were almost failed

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Then they changed the business model

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from just selling product
to the rental businesses

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Instead of selling machines

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They started renting printing machines out

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and they get $25 a month

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Since then, what happened?

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Business has flourished

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Every floor of the building
in New York City

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had Xerox machines

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The rental businesses
are very popular these days

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And you can see them in many places

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For example

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Heavy equipment and hospital machines

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and so on

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They use rental or leasing business models

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What about the bike shop, clothes rental,

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and the video rental
as I already mentioned

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And the rent cars

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These are all rental business models

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Remember rental business model

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Next

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This is a Bait & Hook business model

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It is using bait to fish,

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where fish means

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consumers or real profit making

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When Gillette safety razors patent expired

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employees of King Gillette
were very worried about it

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Then King Gillette said that

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Don't worry

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Give them the razor
and sell them the blade

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If the consumers has Gillette razors,

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they need a specialized blade
attached to the Gillette razor

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Gillette means

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He's going to make money

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through the blade, not razors

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If you try to purchase the razor,

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you will see
the price differences right away

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Razors are relatively cheap

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But blades are very expensive

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In this case

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razor is a bait and blade is a hook

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This guy is John D. Rockefeller

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He's known as
the richest man in human history

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His business is refining oil

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Then he dominates 
the oil market in America

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almost 90%

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Think about it

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After then, what happened?

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The market itself matured already

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So he wanted to go another market

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Which one is additional big market?

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Yes, China it is

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So he went to China

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If I were him

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I would advertise my oil

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and sign the contract
with the vendors in China

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But his approach was completely different

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Which is why I cannot be Rockefeller

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Rockefeller took a lot of oil lamp

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and gave them away almost for free

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to the Chinese people for the first time

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What did the Chinese people
need after that?

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Yes, of course

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Oil

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So Rockefeller said that

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That is a coincidence

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I happen to run oil businesses

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and you can purchase the oil right away

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This is a kind of
Bait & Hook business model

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This is so clever, isn't it?

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Again, this is Bait & hook business model

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Similarly, Bait & Hook business model

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are often found in everyday life

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Let's look at the coffee machine

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Coffee machine with
complicated technology in it

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are actually relatively cheap

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But if you purchase
a specific coffee machine

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then you must purchase
a specialized coffee pot

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attached with this
certain type of coffee machine

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Coffee machine is cheap

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but coffee pot is expensive, unfortunately

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So the coffee machine is bait

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and coffee pot is kind of a hook

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So, now you understand that

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When you purchase the inkjet printer

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then what happens?

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You have to keep buying
certain specific ink

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attached to the inkjet printer

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Ink itself is very expensive

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The same goes for the digital camera

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When you purchase
certain types of digital camera

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then you have to purchase
a specialized lens attached to

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the certain kind of digital camera

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The same goes for wet mop

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that cleans the floor

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You need to keep buying
cleaning clothes in boxes

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They are disposable and expensive

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What about the mobile game?

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You can play the mobile game
for almost free

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but you need to purchase items

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to update or reduce the loading time

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This item looks like a hook

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and the mobile game itself is a bait

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Remember

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The Bait & Hook business model
is very useful

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Next

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Let's move on to
the Subscription business model

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Subscription

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Subscription is literally

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you pay a certain amount of the money

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for a certain amount of the period

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and you get a service

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This picture is Dollar Shave Club

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When you subscribe this company

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This company sends you

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a simple shaving tool regularly

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It is a very simple model

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The founder of Dollar Shave Club

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spent $5,000 to promote this company

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and filmed a short commercial video

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Let's take a look at it together

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How about the video?

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It looks very humble, isn't it?

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But this video became a big hit

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and it was a very successful

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Thanks to the success of the video

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the company could attract
tons of subscribers

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Then later, what happened?

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Dollar Shave Club was successfully sold to

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the Union Lever

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The Union Lever

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Global company Union Lever for $1 billion

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So, do not underestimate
the importance of viral video

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Spotify

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Spotify is one of the famous companies

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that use the subscription business model

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The total consumers are about 675 million

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of which 263 million is paid subscribers

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So that's why Spotify makes tons of money

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What about Costco?

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Costco, as you already know,

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get an annual subscription

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You have to pay membership

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so you can go into this store

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Costco's membership fee

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is very important for Costco

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Do you know how much
membership fee account for

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in total profit for Costco?

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Guess how much it is

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10% of them?

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30% of them?

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Good guess

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But the right answer is 120%

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120%

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In other words

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Selling things at Costco

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is kind of a loss

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and membership fee recovers the loss

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Isn't it amazing?

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This is the power of subscription

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There are a lot of companies

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that have applied
the subscription model in their field

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For example

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This company sends
cosmetic products regularly

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if you subscribe to their service

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And the pet companies are also applying

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the subscription business model

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There are plans for

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one month, six months,
and 12 months plans

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If you subscribe to this program

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it seems like they send you

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a pet-related product on a regular basis

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Next

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Next is a business model

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called Home Try-On

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It is a business model that was

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initiated by eyeglasses company

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called Warby Parker in New York City

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Think about it

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You have to go to the store
to purchase eyeglasses

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Because you have to try them on

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to see if they look good or not

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However

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If you do the eyeglasses business online

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then there's a problem

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that consumers cannot try on

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Warby Parker solved
these problems like this

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How?

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First, they put five eyeglasses in one box

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And then they send them

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to the consumers directly

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And at home,

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the consumers try on all the five glasses

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If the consumer likes one of them,

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then they just keep one

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and put the rest of them back in the box

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and then just send it back to the company

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Then what happens?

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The company gets it back

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and pays with the consumer's credit card

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because you kept just one eyeglasses

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What do you think?

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Isn't it cool?

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The fashion company
copied exactly the same

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this home-try-on business model

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This company asked consumers

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to write about their body size

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and put the body size into the website

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And asked them to choose
their style they want

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Then, the hired professional stylist

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select a few items

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a few fashion items for the consumers

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and sent them to the consumers in the box

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This box is kind of a trunk box

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The consumers open the box at home

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and try on the fashion items at home

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and make the decision

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Exactly the same as Warby Parker

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The decision process

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If the consumer likes some of them

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they keep some of them

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and send the rest of them
back to the company

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Then the company
takes care of everything later on

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This is a Home Try-On business model

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for the fashion company

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Surprisingly

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One of the big
department stores in America,

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Nordstrom acquired this fashion startup

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For how much?

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$350 million

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Not because of the fashion itself

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but because of their subscribers

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Next up is Freemium business model

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We say it is a freemium

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As you can see

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Freemium business model is

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a combination of free service

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and premium service at the same time

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When I was in America

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I also used Skype premium service

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I remember that I paid about

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$15 a month on average

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Because I was on the computer

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and my mom,
who answered my phone call

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didn't know how to use a computer

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So, I had to call my mom's cell phone

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from my computer

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This is a premium service 
that Skype provide us

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This premium service was to

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call from computer to the cell phone

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Skype charged me about $15 a month

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Another example would be
the SurveyMonkey

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Have you heard about
the name of the SurveyMonkey?

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SurveyMonkey used

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the freemium business model

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You can use this service for free

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if you want to make a survey questions

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But if you want to use
the advanced service

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like analysis of statistics

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You have to pay

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Because this is kind of a premium service

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So, again

283
00:15:06.650 --> 00:15:08.750
Almost everything is free of charge

284
00:15:08.750 --> 00:15:11.999
But some functions are premium

285
00:15:13.610 --> 00:15:17.109
Let's move on to
the Advertising business model

286
00:15:18.359 --> 00:15:19.990
Look at this newspaper

287
00:15:20.290 --> 00:15:22.290
In case of the newspaper

288
00:15:22.290 --> 00:15:25.140
we use advertising business model

289
00:15:26.090 --> 00:15:30.619
You can see there are
many blank spots in a page

290
00:15:30.619 --> 00:15:33.989
and this is a place to advertise

291
00:15:34.360 --> 00:15:38.080
That's why we can
read the newspaper relatively cheap

292
00:15:38.730 --> 00:15:42.459
The main revenue source from the newspaper

293
00:15:42.659 --> 00:15:45.200
is not consumer usage

294
00:15:45.200 --> 00:15:49.230
But from advertisement
from the advertisers

295
00:15:51.660 --> 00:15:52.839
Let's look at Google

296
00:15:52.839 --> 00:15:54.939
We always use Google

297
00:15:54.939 --> 00:15:57.069
But we never paid for it

298
00:15:57.669 --> 00:16:02.039
This is because Google
doesn't get paid directly from us

299
00:16:02.500 --> 00:16:05.050
But from advertisers

300
00:16:05.050 --> 00:16:07.930
who knew that we use Google a lot

301
00:16:07.930 --> 00:16:10.640
and want to advertise
their products and services

302
00:16:11.299 --> 00:16:13.619
So, the Google's success

303
00:16:13.619 --> 00:16:17.039
lies in its advertising business model

304
00:16:19.319 --> 00:16:21.429
What about Facebook?

305
00:16:21.989 --> 00:16:26.659
Facebook is using
an advertising business model

306
00:16:27.309 --> 00:16:29.659
Recently, our university

307
00:16:29.659 --> 00:16:31.459
advertised on Facebook

308
00:16:31.459 --> 00:16:33.559
to promote our graduate school

309
00:16:33.930 --> 00:16:37.189
There is a fixed unit price
for the advertising

310
00:16:37.299 --> 00:16:39.729
But it is quite expensive

311
00:16:41.299 --> 00:16:43.849
It could be very expensive

312
00:16:43.849 --> 00:16:45.980
How many companies and organizations

313
00:16:45.980 --> 00:16:49.500
advertise on Facebook all over the world?

314
00:16:49.859 --> 00:16:52.580
So, it is no coincidence that

315
00:16:52.580 --> 00:16:55.029
Mark Zuckerberg could have become

316
00:16:55.029 --> 00:16:57.129
one of the richest guys in the world

317
00:16:57.129 --> 00:16:58.379
in a short period of time

318
00:16:58.529 --> 00:17:01.930
This is the power of
the advertising business model

319
00:17:04.850 --> 00:17:08.600
Pokemon Go games are also

320
00:17:08.600 --> 00:17:09.980
an advertising business model

321
00:17:09.980 --> 00:17:13.060
The game itself is used for free

322
00:17:13.060 --> 00:17:16.810
But the company makes the money
through the advertisers

323
00:17:16.810 --> 00:17:18.060
For example

324
00:17:18.210 --> 00:17:21.100
You see the Target market, right?

325
00:17:21.100 --> 00:17:23.580
Pokemon Go signed a contract

326
00:17:23.580 --> 00:17:26.380
with a place like
American retailers, Target

327
00:17:26.500 --> 00:17:30.660
And Target pays Pokemon Go

328
00:17:30.660 --> 00:17:36.589
Then, a very interesting
and strange monsters

329
00:17:36.589 --> 00:17:40.380
appears in front of
the Target store exclusively

330
00:17:40.380 --> 00:17:41.719
So, the consumer knows it

331
00:17:41.719 --> 00:17:43.969
The consumers try to catch

332
00:17:43.969 --> 00:17:46.419
this interesting monster

333
00:17:46.419 --> 00:17:48.539
throughout the Pokemon Go game

334
00:17:48.539 --> 00:17:51.140
That's why they go to the Target

335
00:17:51.140 --> 00:17:54.190
This is the Advertising business model

336
00:17:54.190 --> 00:17:57.779
between the Pokemon Go and the Target

337
00:17:58.729 --> 00:18:03.079
I think you understood very well, right?

338
00:18:04.579 --> 00:18:06.979
This is

339
00:18:06.979 --> 00:18:09.379
Multi-Sided Platform business model

340
00:18:09.540 --> 00:18:13.469
If the company connects
two different sides

341
00:18:13.469 --> 00:18:17.380
we say it is
Multi-Sided Platform business

342
00:18:17.480 --> 00:18:21.460
Originally, platform means train stations

343
00:18:21.460 --> 00:18:23.140
It is kind of a space

344
00:18:23.140 --> 00:18:26.460
that connects passengers and trains

345
00:18:26.460 --> 00:18:31.109
It introduced that concept
into the businesses

346
00:18:31.559 --> 00:18:36.000
We have buyers and also we have sellers

347
00:18:36.000 --> 00:18:38.520
We created some kind of marketplace

348
00:18:38.520 --> 00:18:40.389
where they meet together

349
00:18:40.660 --> 00:18:43.010
This marketplace is called as

350
00:18:43.010 --> 00:18:44.649
Multi-Sided Platform

351
00:18:47.549 --> 00:18:51.260
Here is a realtor, real estate agency,

352
00:18:51.260 --> 00:18:54.010
and this person

353
00:18:54.010 --> 00:18:56.739
connected the buyer for the house

354
00:18:56.739 --> 00:18:59.319
and the sellers for the houses

355
00:18:59.419 --> 00:19:05.150
And they help you with related contracts

356
00:19:05.250 --> 00:19:06.960
And in return

357
00:19:06.960 --> 00:19:09.960
she gets commission from both sides

358
00:19:10.460 --> 00:19:13.089
Same thing happens to
the car dealer shops

359
00:19:16.139 --> 00:19:17.589
Do you know the credit list?

360
00:19:17.589 --> 00:19:19.300
This is the credit list

361
00:19:19.300 --> 00:19:22.920
This is a kind of an old website

362
00:19:22.920 --> 00:19:24.580
But still a popular platform

363
00:19:24.880 --> 00:19:27.760
You will find out when you go inside

364
00:19:29.410 --> 00:19:32.685
It is organized by a region and cities

365
00:19:33.435 --> 00:19:37.136
This is Chicago right now in America

366
00:19:37.136 --> 00:19:39.810
But you probably have your cities too

367
00:19:40.260 --> 00:19:43.369
I used it a lot when I was in America

368
00:19:43.369 --> 00:19:46.919
to purchase used furnitures

369
00:19:46.919 --> 00:19:49.340
and to get a room

370
00:19:49.340 --> 00:19:54.169
This company is very profitable
from commissions

371
00:19:54.439 --> 00:19:56.660
from both sides

372
00:19:56.979 --> 00:19:58.599
What about eBay?

373
00:19:59.489 --> 00:20:01.599
The same goes for eBay

374
00:20:02.099 --> 00:20:05.800
It connects the sellers to the buyers

375
00:20:05.939 --> 00:20:08.470
and eBay on the commissions

376
00:20:08.779 --> 00:20:11.980
When founder Pierre Omidyar started eBay

377
00:20:12.349 --> 00:20:15.189
there was no online payment system in it

378
00:20:15.300 --> 00:20:21.889
So, the users sent
a check to his home directly

379
00:20:23.140 --> 00:20:24.650
But think about it

380
00:20:24.650 --> 00:20:27.660
There are tons of checks from out there

381
00:20:27.780 --> 00:20:32.939
So, Pierre should get a part-time employee

382
00:20:33.140 --> 00:20:35.190
But one part-timer

383
00:20:35.190 --> 00:20:37.859
couldn't handle the many checks

384
00:20:37.859 --> 00:20:40.520
So, Pierre quit his daily job

385
00:20:40.520 --> 00:20:42.969
and he devoted himself to eBay

386
00:20:43.019 --> 00:20:48.019
So, eBay later became a big company

387
00:20:50.679 --> 00:20:52.889
No wonder people pay so much

388
00:20:52.889 --> 00:20:56.779
eBay became profitable
a year after it started

389
00:20:57.429 --> 00:20:59.779
It never lost money

390
00:20:59.779 --> 00:21:01.329
because of the commission

391
00:21:03.699 --> 00:21:07.260
The same goes for Alibaba.com in China

392
00:21:07.260 --> 00:21:09.769
With Jack Ma's internet businesses

393
00:21:09.769 --> 00:21:12.410
the goal of Alibaba.com was

394
00:21:12.410 --> 00:21:15.980
 to allow a lot of
small companies in China

395
00:21:16.180 --> 00:21:20.079
to be exposed to
global companies overseas

396
00:21:21.029 --> 00:21:24.099
So, on the other hand

397
00:21:24.099 --> 00:21:26.349
many companies out therex

398
00:21:26.349 --> 00:21:31.140
can also find out the factories in China

399
00:21:31.690 --> 00:21:34.779
That's why Alibaba is a platform

400
00:21:34.779 --> 00:21:38.070
that was created for the B2B purpose

401
00:21:39.859 --> 00:21:42.099
It is called Open Sesame

402
00:21:42.099 --> 00:21:43.219
Do you know that?

403
00:21:43.619 --> 00:21:48.489
Later, Alibaba will create Taobao,

404
00:21:48.489 --> 00:21:50.620
a consumer-to-consumer website

405
00:21:50.620 --> 00:21:52.409
You know the story, right?

406
00:21:57.860 --> 00:21:59.180
Look at the Uber

407
00:21:59.980 --> 00:22:04.760
Uber is a bit of a unique platform

408
00:22:05.310 --> 00:22:07.210
Uber is a platform that

409
00:22:07.210 --> 00:22:10.739
connects consumers
who want a taxi service

410
00:22:11.489 --> 00:22:14.770
with the people
who can provide this service

411
00:22:14.770 --> 00:22:17.019
But the important thing is

412
00:22:17.319 --> 00:22:21.130
the service providers
are not professional taxi drivers

413
00:22:21.480 --> 00:22:22.739
In other words

414
00:22:22.900 --> 00:22:25.300
The service providers are

415
00:22:25.300 --> 00:22:27.050
general public like us

416
00:22:27.240 --> 00:22:28.840
Anyone can become

417
00:22:28.840 --> 00:22:32.009
a service provider in an Uber platform

418
00:22:32.009 --> 00:22:34.100
and they can make additional money

419
00:22:35.459 --> 00:22:39.609
It is actually true that

420
00:22:40.209 --> 00:22:44.320
it is in a gray area of the law

421
00:22:44.520 --> 00:22:45.820
Think about it

422
00:22:46.120 --> 00:22:49.170
If Uber turns anybody

423
00:22:49.170 --> 00:22:52.249
into a service provider like taxi drivers

424
00:22:52.420 --> 00:22:54.270
then professionals,

425
00:22:54.270 --> 00:22:56.260
for example, professional taxi drivers

426
00:22:56.260 --> 00:22:58.889
who spent the money and time

427
00:22:58.889 --> 00:23:02.589
trying to qualify themselves

428
00:23:02.589 --> 00:23:03.809
will be very upset

429
00:23:04.260 --> 00:23:07.110
But from a business point of view

430
00:23:07.110 --> 00:23:11.189
Uber's business model
has inspired many areas

431
00:23:13.879 --> 00:23:16.870
Look at this Uber for doggy walker

432
00:23:17.140 --> 00:23:18.589
Isn't it interesting?

433
00:23:18.589 --> 00:23:20.390
This Uber for doggy walker

434
00:23:20.390 --> 00:23:22.890
connects us to somebody

435
00:23:22.890 --> 00:23:25.129
who can take care of your dog

436
00:23:25.129 --> 00:23:28.860
Doggy walkers are
just ordinary people like us

437
00:23:29.160 --> 00:23:31.140
They don't have to be professional

438
00:23:31.140 --> 00:23:35.369
But if they enrolled for
the doggy walker in this website

439
00:23:35.369 --> 00:23:37.990
then they can make additional incomes

440
00:23:39.859 --> 00:23:42.009
What about Uber for laundry?

441
00:23:42.009 --> 00:23:45.340
You know what the concept is, right?

442
00:23:45.340 --> 00:23:48.190
It is a platform that connects the people

443
00:23:48.190 --> 00:23:49.659
who need the laundry service

444
00:23:49.659 --> 00:23:53.139
to the people who can provide
the laundry service

445
00:23:53.389 --> 00:23:56.989
But the service providers
are not professional

446
00:23:56.989 --> 00:23:59.489
They are just normal individuals like us

447
00:24:01.300 --> 00:24:03.819
This is Uber for lawnmower

448
00:24:03.819 --> 00:24:06.670
Isn't it interesting?

449
00:24:06.670 --> 00:24:09.519
The local newspaper covered this story

450
00:24:09.519 --> 00:24:11.369
about the Uber for lawnmower

451
00:24:13.459 --> 00:24:17.699
Let's move on to
the Airbnb Type platform

452
00:24:17.780 --> 00:24:21.319
Airbnb is also one of the great platform

453
00:24:21.319 --> 00:24:24.369
but a little bit difference is

454
00:24:24.369 --> 00:24:27.830
connecting consumers and host

455
00:24:28.020 --> 00:24:32.260
And there is a concept of
the space rental

456
00:24:33.060 --> 00:24:36.820
So, I took it out separately

457
00:24:36.820 --> 00:24:39.770
as Airbnb types of platform

458
00:24:39.770 --> 00:24:43.039
from general platform businesses

459
00:24:45.839 --> 00:24:48.149
If you are a platform that connects

460
00:24:48.149 --> 00:24:50.049
a specialized recording room

461
00:24:50.049 --> 00:24:53.010
to the singers or someone who need it

462
00:24:53.310 --> 00:24:56.730
It would be Airbnb for recording room

463
00:24:57.430 --> 00:24:59.250
Airbnb for the recording room

464
00:25:01.050 --> 00:25:04.159
This company is an online platform

465
00:25:04.159 --> 00:25:07.700
that connects tourists or travelers with

466
00:25:08.300 --> 00:25:12.289
someone who owns a private yacht

467
00:25:12.289 --> 00:25:15.769
or private boat

468
00:25:16.219 --> 00:25:20.380
We can see it is Airbnb for boat

469
00:25:24.849 --> 00:25:26.249
Let me summarize

470
00:25:26.819 --> 00:25:29.319
So far, we have discussed about

471
00:25:29.319 --> 00:25:31.740
the Leasing and Rental business model

472
00:25:31.740 --> 00:25:34.839
Do you remember the Xerox printer?

473
00:25:35.699 --> 00:25:38.879
Second example would be
Bait & Hook business model

474
00:25:39.679 --> 00:25:44.549
Please remind John D. Rockefeller's
oil business in China

475
00:25:45.619 --> 00:25:48.139
And next, Subscription business model

476
00:25:48.139 --> 00:25:51.129
Subscription business model is so popular

477
00:25:51.579 --> 00:25:55.279
Think about Dollar Shave Club

478
00:25:55.279 --> 00:25:57.969
or Spotify businesses

479
00:25:59.960 --> 00:26:02.299
What about Home Try-On business model?

480
00:26:02.299 --> 00:26:04.849
You can apply this
Home Try-On business model

481
00:26:04.849 --> 00:26:05.939
into your area

482
00:26:06.679 --> 00:26:09.550
Then you can successfully
run your businesses

483
00:26:10.199 --> 00:26:12.280
What about Freemium business model?

484
00:26:12.864 --> 00:26:14.164
You can provide your service

485
00:26:14.164 --> 00:26:18.344
almost for free for almost all users

486
00:26:18.344 --> 00:26:21.304
And then you prepare advanced service

487
00:26:21.304 --> 00:26:23.724
for the Freemium users

488
00:26:24.124 --> 00:26:27.204
Next one is Advertising business model

489
00:26:27.204 --> 00:26:29.984
You can make a great service and product

490
00:26:29.984 --> 00:26:31.034
then you can attract

491
00:26:31.034 --> 00:26:33.823
so many consumers all over the world

492
00:26:33.823 --> 00:26:36.473
Then you don't have to charge the money

493
00:26:36.473 --> 00:26:37.743
to your consumers

494
00:26:37.743 --> 00:26:40.624
Instead, you attract advertisers

495
00:26:40.624 --> 00:26:42.974
and they are ready to pay your service

496
00:26:42.974 --> 00:26:44.344
for their advertisement

497
00:26:44.344 --> 00:26:48.283
Then you can make tons of money
like Google and Facebook

498
00:26:49.544 --> 00:26:52.524
Lastly, but not leastly

499
00:26:52.524 --> 00:26:55.663
This is a Multi-Sided Platform businesses

500
00:26:55.963 --> 00:26:58.024
There are tons of multi-sided platforms

501
00:26:58.024 --> 00:27:00.744
If you are able to create a marketplace

502
00:27:00.744 --> 00:27:02.944
that connect sellers and buyers

503
00:27:02.944 --> 00:27:06.024
then you will successfully
run your businesses

504
00:27:06.674 --> 00:27:09.054
And there are very special types of

505
00:27:09.054 --> 00:27:12.343
multi-sided platform businesses
such as Uber

506
00:27:12.643 --> 00:27:13.843
You can apply this

507
00:27:13.843 --> 00:27:16.503
Uber types of business model
for your business area

508
00:27:16.503 --> 00:27:17.653
Uber for something

509
00:27:17.653 --> 00:27:19.203
Uber for A, Uber for B

510
00:27:19.203 --> 00:27:20.933
That could be a great business model

511
00:27:20.933 --> 00:27:23.684
What about Airbnb types of business model?

512
00:27:23.684 --> 00:27:27.703
Airbnb's specialty is a space rental

513
00:27:27.703 --> 00:27:30.054
If you have any specialized space

514
00:27:30.054 --> 00:27:32.184
such as a storage or a parking lot

515
00:27:32.184 --> 00:27:34.903
then you can create a website

516
00:27:34.903 --> 00:27:36.803
to connect the people

517
00:27:36.803 --> 00:27:38.463
who need a parking lot or storage

518
00:27:38.464 --> 00:27:40.864
and the people

519
00:27:40.864 --> 00:27:43.743
who has a parking lot and storage unused

520
00:27:44.193 --> 00:27:46.284
That could be great business model

521
00:27:46.284 --> 00:27:48.224
which is Airbnb types of business model

522
00:27:48.224 --> 00:27:51.394
You can make your business
Airbnb for something

523
00:27:51.394 --> 00:27:53.614
It could be great business model

524
00:27:53.914 --> 00:27:56.724
I hope that this lecture was

525
00:27:56.724 --> 00:27:59.074
very helpful for you to understand

526
00:27:59.074 --> 00:28:00.864
the concept of a business model

527
00:28:00.864 --> 00:28:04.463
and the example of the business model

528
00:28:04.463 --> 00:28:06.454
Thank you for watching this session