1. A traditional business method flipped on it’s back to reveal a new business method
2. A mirror image of a previously accepted economic paradigm
3. sing. n; flip-floponom; A phenomenon of flip-floponomics.
Let’s demonstrate how this works.
Twitter has announced that they will mine user generated data and process it into business intelligence which they will sell to corporations for a whole lot of money. As such, corporations who were unable to figure out how to charge people a whole lot of money money to “watch” social media can now be charged a whole lot of money to “watch” social media
YouTube can’t make money on ads because viewers don’t care. But with user generated content such as Jill and Kevin’s wedding (with 12 million views), Chris Brown landed a land slide of sales for the song “Forever”. The audience is now the Brands positioning themselves to be “user-generated”.
The Mother of all Flip-flopona:
Before flip-floponomics: entrepreneurs assumed that they had the knowledge to execute a business plan and they went to the bank to borrow money.
After Flip-floponomics: entrepreneurs assumed they had the money to execute a business plan and they go to social media to borrow the knowledge.
Next economic paradigm:
With the continuing integration of social media, every single business transaction has the potential to be re-invented in the mirror image if itself using the principles of flip-floponomics. The opportunities for future entrepreneurs who figure out this class of business activity can be described as nothing short of astonishing.
Image Credit Picasso