The dominance of Big Tech platforms: should we revisit the principles of strategy?

Strategy research underscores the framework of value creation and capture, which the Big Tech firms have successfully implemented. Nevertheless, with their dominant platform ecosystems these firms have managed to restrict the value captured by all other stakeholders including competitors, vendors, consumers, and employees. Recent legislation and antitrust regulation and enforcement have fallen short of restraining the Big Tech firms. This chapter analyzes the problem and the failure of current remedies. It then proceeds to propose that strategy scholars should revisit some of the fundamental assumptions in strategy research and prioritize societal values over economic value creation and capture.