Harvard Case - TCLK: Blockchain-Powered Information Platform
"TCLK: Blockchain-Powered Information Platform" Harvard business case study is written by Hubert Pun, Jianping Liang, Jing Chen, Roger Wang, Huaxi Li. It deals with the challenges in the field of Strategy. The case study is 14 page(s) long and it was first published on : Sep 9, 2020
At Fern Fort University, we recommend TCLK pursue a strategic expansion into new markets and industry verticals, leveraging its blockchain-powered information platform as a disruptive innovation. This strategy will involve a combination of market development, product development, and strategic alliances to establish TCLK as a leading player in the global information sharing ecosystem.
2. Background
TCLK is a start-up company developing a blockchain-based information platform designed to enhance data security, transparency, and accessibility. The platform has the potential to revolutionize various industries, including healthcare, finance, and supply chain management. However, TCLK faces challenges in scaling its operations, securing funding, and navigating the complex regulatory landscape surrounding blockchain technology.
The key protagonists of the case study are:
- TCLK Founders: Visionary entrepreneurs with a strong understanding of blockchain technology and its potential applications.
- Investors: Seeking a return on investment and wary of the risks associated with emerging technologies.
- Potential Customers: Diverse stakeholders across various industries who need secure and reliable information sharing solutions.
3. Analysis of the Case Study
To analyze TCLK's situation, we will employ a combination of frameworks:
a) Porter's Five Forces:
- Threat of New Entrants: High - the blockchain technology landscape is rapidly evolving, with new players entering the market.
- Bargaining Power of Buyers: Medium - TCLK's platform offers unique value propositions, but customers can switch to alternative solutions.
- Bargaining Power of Suppliers: Low - TCLK relies on readily available technology and resources.
- Threat of Substitutes: Medium - Existing information sharing platforms and traditional databases pose a threat.
- Competitive Rivalry: High - the blockchain space is highly competitive, with numerous startups and established players vying for market share.
b) SWOT Analysis:
Strengths:
- Disruptive Technology: Blockchain offers significant advantages in data security, transparency, and efficiency.
- Strong Team: TCLK boasts a talented team with expertise in blockchain and software development.
- First-Mover Advantage: TCLK has an opportunity to establish itself as a leader in the emerging blockchain information platform market.
Weaknesses:
- Limited Resources: TCLK is a start-up with limited funding and operational capacity.
- Regulatory Uncertainty: The regulatory landscape surrounding blockchain technology is evolving and complex.
- Market Education: TCLK needs to educate potential customers about the benefits of its platform.
Opportunities:
- Expanding Market: The demand for secure and reliable information sharing solutions is growing across industries.
- Strategic Partnerships: Collaborating with industry leaders can accelerate TCLK's growth and market penetration.
- Government Initiatives: Governments are increasingly supporting blockchain technology and its applications.
Threats:
- Competition: Existing players and new entrants are constantly innovating and challenging TCLK's position.
- Technological Disruption: New technologies could emerge and render blockchain obsolete.
- Security Concerns: Blockchain security vulnerabilities could erode customer trust and damage TCLK's reputation.
c) Value Chain Analysis:
TCLK's value chain can be broken down into the following key activities:
- Research & Development: Developing and improving the blockchain platform.
- Platform Operations: Maintaining and scaling the platform infrastructure.
- Marketing & Sales: Reaching out to potential customers and promoting TCLK's solutions.
- Customer Support: Providing technical assistance and resolving customer issues.
- Partnerships: Collaborating with industry leaders to expand market reach and develop new applications.
d) Business Model Innovation:
TCLK's business model can be further refined by exploring different revenue streams, such as:
- Subscription-based access: Charging a monthly fee for platform access.
- Transaction fees: Collecting a fee for each transaction processed on the platform.
- Data licensing: Selling access to anonymized data collected on the platform.
- Consulting services: Providing expert advice and implementation support for blockchain solutions.
4. Recommendations
TCLK should pursue a multi-pronged strategy to achieve sustainable growth and establish itself as a leader in the blockchain information platform market:
a) Market Development:
- Target specific industry verticals: Focus on industries with high demand for secure and reliable information sharing, such as healthcare, finance, and supply chain management.
- Develop targeted marketing campaigns: Leverage digital marketing channels and industry events to reach potential customers.
- Establish regional presence: Expand operations into key emerging markets with high growth potential.
b) Product Development:
- Enhance platform functionality: Continuously improve the platform's features and capabilities to meet evolving customer needs.
- Develop industry-specific solutions: Tailor the platform to address the unique requirements of different industries.
- Integrate with existing systems: Ensure seamless integration with existing data systems and workflows.
c) Strategic Alliances:
- Partner with industry leaders: Collaborate with established companies in target industries to gain access to their customer base and expertise.
- Form strategic alliances with technology providers: Partner with companies specializing in blockchain technology, data analytics, and cybersecurity.
- Engage with government agencies: Seek support and guidance from government agencies promoting blockchain innovation.
d) Funding and Investment:
- Secure venture capital funding: Attract investors who understand the potential of blockchain technology and are willing to support TCLK's growth.
- Explore alternative funding sources: Consider crowdfunding, grants, and government subsidies.
- Develop a strong financial model: Demonstrate TCLK's profitability potential and return on investment for investors.
e) Corporate Governance:
- Establish a strong board of directors: Assemble a diverse board with expertise in blockchain, technology, and business development.
- Implement robust governance practices: Ensure transparency, accountability, and ethical decision-making.
- Comply with regulatory requirements: Stay informed about evolving regulations and ensure compliance with relevant laws.
5. Basis of Recommendations
These recommendations consider the following factors:
- Core competencies and consistency with mission: TCLK's core competency lies in its blockchain technology and its ability to create a secure and transparent information platform. This aligns with the company's mission to revolutionize information sharing.
- External customers and internal clients: The recommendations address the needs of both external customers seeking secure information sharing solutions and internal clients, such as investors and employees.
- Competitors: The recommendations acknowledge the competitive landscape and emphasize the need for differentiation, innovation, and strategic alliances.
- Attractiveness - quantitative measures: The recommendations aim to achieve sustainable growth and profitability, with the potential for significant return on investment for investors.
- Assumptions: The recommendations are based on the assumption that blockchain technology will continue to evolve and gain wider adoption across industries.
6. Conclusion
By pursuing a strategic expansion into new markets and industry verticals, leveraging its blockchain-powered information platform as a disruptive innovation, TCLK can establish itself as a leading player in the global information sharing ecosystem. This strategy will require a combination of market development, product development, strategic alliances, and robust corporate governance.
7. Discussion
Alternatives not selected:
- Focusing solely on existing markets: This would limit TCLK's growth potential and expose the company to increased competition.
- Developing a closed-source platform: This would restrict access to the platform and limit its potential impact.
- Ignoring regulatory concerns: This could lead to legal challenges and reputational damage.
Risks and key assumptions:
- Technological disruption: New technologies could emerge and render blockchain obsolete.
- Regulatory uncertainty: The regulatory landscape surrounding blockchain technology could change rapidly.
- Security vulnerabilities: Blockchain security vulnerabilities could erode customer trust and damage TCLK's reputation.
Options Grid:
| Option | Advantages | Disadvantages | Risks |
|---|---|---|---|
| Strategic Expansion | High growth potential, increased market share, stronger brand recognition | Requires significant investment, potential for market entry challenges, risk of regulatory hurdles | Technological disruption, regulatory changes, security vulnerabilities |
| Focus on Existing Markets | Lower investment requirements, lower risk of market entry challenges | Limited growth potential, increased competition, potential for stagnation | Technological disruption, regulatory changes, security vulnerabilities |
| Closed-Source Platform | Greater control over platform development and data | Limited market reach, potential for customer dissatisfaction, reduced innovation | Technological disruption, regulatory changes, security vulnerabilities |
| Ignoring Regulatory Concerns | Faster time to market, lower compliance costs | Potential for legal challenges, reputational damage, loss of investor confidence | Legal penalties, reputational damage, loss of investor confidence |
8. Next Steps
TCLK should implement its strategic expansion plan in a phased approach, with the following key milestones:
- Year 1: Secure funding, develop a comprehensive business plan, and establish partnerships with key industry players.
- Year 2: Launch pilot programs in target industries, refine platform functionality, and expand market reach.
- Year 3: Achieve significant market penetration, secure additional funding, and expand operations into new regions.
By diligently executing its strategic plan, TCLK can position itself for long-term success in the rapidly evolving blockchain information platform market.
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Case Description
In February 2020, an entrepreneur and his team in China created a mobile application called Tong Cheng Lian Kang (TCLK), which crowdsourced information on publicly known cases of COVID-19, enabling users to find out if they might have been exposed to an infected individual. The application leveraged blockchain technology to record and validate user submissions of COVID-19 cases to ensure that submission and validation data were immutable, transparent, and decentralized. Users could volunteer to submit publicly recorded cases of COVID-19 or to validate the submissions of others in exchange for digital tokens on the blockchain platform, which they could use to redeem small gifts. As the number of new COVID-19 cases decreased, the entrepreneur wondered how to expand the blockchain concept to build a more sustainable business model. He was considering three options: expanding internationally, which would require building trust with users who lacked familiarity with Chinese applications; diversifying within the healthcare industry by expanding to a business-to-business model, possibly by linking prospective patients to hospitals and health care; and applying the blockchain concept to address issues in industries outside of healthcare. How could he best ensure the sustainability of TCLK?
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