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Why Thingiverse's Business Model is so successful?

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Thingiverse’s Company Overview


Thingiverse is a thriving design community for discovering, creating, and sharing 3D printable things. As the world's largest 3D printing community, it believes in making things, not just consuming them. The platform allows users to explore, share, and remix a massive, growing library of free 3D designs. Thingiverse provides an open and collaborative environment where anyone can contribute their 3D printing designs or derive new ones from existing designs. It encourages users to learn from each other, inspiring creativity and fostering valuable connections between people around the world. Business Model: Thingiverse operates under a user-generated content business model. It provides a platform where designers and creators can upload and share their 3D printable designs. Users can browse and download these designs for free, encouraging a community of sharing and learning. Thingiverse also provides tools and resources to help users learn about 3D design and printing. The platform is built to foster innovation and creativity, encouraging users to remix existing designs and contribute their unique creations. Revenue Model: Thingiverse's revenue model is primarily based on advertising and partnerships. The platform hosts advertisements, which provide a significant portion of its revenue. These advertisements are often related to 3D printing or design, making them relevant and useful to the Thingiverse community. Additionally, Thingiverse partners with companies in the 3D printing industry. These partners may offer products or services on the platform, providing another source of revenue. Thingiverse also has a "Tip Designer" feature, where users can financially support their favorite designers, although Thingiverse does not take a cut from these transactions.

https://www.thingiverse.com/

Country: New York

Foundations date: 2008

Type: Subsidiary

Sector: Technology

Categories: Crowdsourcing


Thingiverse’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: design/aesthetics, fun/entertainment, provides access

Functional: connects, variety, informs


Thingiverse’s Related Competitors



Thingiverse’s Business Operations


3D printing:

3D printing, so-called additive manufacturing (AM), relates to methods used to build a three-dimensional item by forming successive layers of material under computer control. It has already transformed prototyping, and we are beginning to see the technology's promise in mass customization, medical, and home usage. Engineering, architectural, medical, industrial design, and construction are just a few industries that utilize 3D printers.

Advertising:

This approach generated money by sending promotional marketing messages from other businesses to customers. When you establish a for-profit company, one of the most critical aspects of your strategy is determining how to generate income. Many companies sell either products or services or a mix of the two. However, advertisers are frequently the source of the majority of all of the revenue for online businesses and media organizations. This is referred to as an ad-based income model.

Collaborative production:

Producing goods in collaboration with customers based on their input, comments, naming, and price. It represents a new form of the socioeconomic output in which enormous individuals collaborate (usually over the internet). In general, initiatives based on the commons have less rigid hierarchical structures than those found on more conventional commercial models. However, sometimes not always?commons-based enterprises are structured so that contributors are not compensated financially.

Digital:

A digital strategy is a strategic management and a business reaction or solution to a digital issue, which is often best handled as part of a broader company plan. A digital strategy is frequently defined by the application of new technologies to existing business activities and a focus on enabling new digital skills for their company (such as those formed by the Information Age and frequently as a result of advances in digital technologies such as computers, data, telecommunication services, and the World wide web, to name a few).

Community-funded:

The critical resource in this business strategy is a community's intellect. Three distinct consumer groups comprise this multifaceted business model: believers, suppliers, and purchasers. First, believers join the online community platform and contribute to the production of goods by vendors. Second, buyers purchase these goods, which may be visual, aural, or literary in nature. Finally, believers may be purchasers or providers, and vice versa.

Sharing economy:

The sharing economy eliminates the necessity for individual asset ownership. The phrase sharing economy is an umbrella word that encompasses various definitions and is often used to refer to economic and social activity that involves online transactions. Originally coined by the open-source community to refer to peer-to-peer sharing of access to goods and services, the term is now occasionally used more broadly to refer to any sales transaction conducted via online marketplaces, including those that are business to consumer (B2C) than peer-to-peer.

User design:

A client is both the manufacturer and the consumer in user manufacturing. For instance, an online platform could offer the client the tools required to create and market the product, such as product design software, manufacturing services, or an online store to sell the goods. In addition, numerous software solutions enable users to create and customize their products to respond to changing consumer requirements seamlessly.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Open-source:

Compared to more centralized development methods, such as those usually employed by commercial software firms, the open-source model is more decentralized. Scientists see the open-source approach as an example of collaborative openness. Peer production is a fundamental concept of open-source software development, with deliverables such as source code, blueprints, and documentation made freely accessible to the public. The open-source software movement started as a reaction to the constraints imposed by proprietary programming. Since then, its ideas have extended to other areas, resulting in what is known as open cooperation. Typically, money is generated via services that complement the product, such as advising and maintenance.

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