Business model and platform innovation is one of the key moves in the disruptive startup playbook—and a huge challenge to entrenched ways of doing business. Where traditional business strategy focused on creating a solid product, new business strategy is increasingly focusing on creation of platforms—especially an exponentially-valuable form of platform called a multi-sided platform.

In short, the multi-sided platform is perhaps best modeled by the expansion of Apple’s shiny, well-designed iPhone (and iPad) to the entire platform which supports them (iTunes, iCloud, the iTunes Music Store) and then, the broader App Store, CarPlay, Apple Pay and developer/accessory ecosystems which make the iPhone and iPad what they are today.