As a person, we share with family, friends, and others because we care. Sharing builds friendship, trust, and respect. But within the business world, we are more reluctant to share. That is why Elon Musk’s announcement that allows other automakers to use Tesla’s patents for free has been a shock to many.
Here are three reasons why businesses should consider sharing more:
1. Free to Premium – This business model works. You see it at the end of the aisle in a grocery store. A sales person hands out a tasty sample, right next to the shelf full of the product. You see it everywhere online. Businesses have a free level of their service that entices people to try it. Then when they are comfortable and understand their need for the service, they are willing to upgrade to the premium level. What are you offering for free to expand your influence?
2. Abundance Not Scarcity – All businesses would like more customers. We develop strategies to reach people that are not aware of our product or service. Rarely do we consider working with our competitors. However, collaboration and increased awareness can expand a market. Working with your competitors will improve your business, and possibly improve your entire industry. You will generate increased awareness within the market place from the combined efforts of you and your competitors. As the entire market grows, it becomes a win-win for everyone involved. Do you talk with others that have the same mission as yourself?
3. Bigger Thinking – Sharing what you have, frees you to think about what is next. Elon Musk shared Tesla’s patents because he knows Tesla needs to continue to innovate and create. If you only protect what you have, then imagining a different future becomes difficult. Thinking big unleashes your potential. Sharing what you have creates a huge incentive to think big, and develop faster than your competitors. What can you give away that will release you to create your next thing?
Sharing as a person builds character. Sharing as a company can accomplish the same. Is there someone you know that can benefit from this article? Share it with them.