Text: Marjukka Niinioja
I had the pleasure of recording a presentation for APIdays Helsinki 2020, June 2-3 edition (see link for more info and a free ticket code) with professor Marko Seppänen from Tampere University, one of my co-authors when writing the book API Economy 101. In his recent study with Saeid Heshmatisafa he researched Finnish companies, top 100 companies and 126 other organizations. Suprisingly, they found that already 34% of companies had an Open API, meaning public or partner API with the definition we used in the API Economy 101 book.
In his presentation, Marko Seppänen goes through the research findings, mostly concentrating on the revenue models and other possibilities to monetize with the API.
First professor Seppänen introduces the sample companies by using the categorization we created in the API Economy 101 book, but repurposing it to include the revenue model options.
He reminds us that it's not only the direct, but also the indirect ways of making money with your API and you don't need to select only 1, but more of a portfolio of APIs. Professor Seppänen says the research team was very surprised of the results of the study, when it comes to the industry and revenue models. You really need to think creatively how APIs change your business models, it even may be the final business model, like we point out in the API Economy 101 book, too.
Are you interested to learn more about API Economy and business models? Take the free "Introduction to API Economy" course at Osaango Academy. Learn for your own pleasure or earn 1 ECTS from this Tampere University' and Osaango's free Master's level course created by Marjukka Niinioja and Marko Seppänen.