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JAIST Repository: 急成長するユニコーン企業の研究 〜eリサーチによるITサービス企業の分析〜

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JAIST Repository

https://dspace.jaist.ac.jp/ Title 急成長するユニコーン企業の研究 ∼eリサーチによる ITサービス企業の分析∼ Author(s) 相澤, 宏行 Citation Issue Date 2016-03

Type Thesis or Dissertation Text version author

URL http://hdl.handle.net/10119/13601 Rights

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r

e

r

IT

1450304

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1 ... 1 1.1 ... 1 1.1.1 ... 1 1.1.2 ... 3 1.2 ... 7 1.3 ... 7 1.4 ... 7 1.5 ... 9 2 ... 10 2.1 ... 10 2.1.1 ... 10 2.1.2 ... 11 2.2 ... 11 2.3 ... 12 2.3.1 SDL r ... 13 2.3.2 SDL rInstitutions ... 14 2.3.3 ... 14 3 ... 16 3.1 r ... 16 3.1.1 ... 16 3.1.2 r ... 17 3.1.3 r ... 18 3.2 h ... 19 3.3 ... 20 3.4 ... 21 3.4.1 Airbnb ... 21

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3.4.2 Xiaomi ... 27 3.4.3 Snapchat ... 33 3.4.4 Square ... 39 3.4.5 Slack ... 43 3.4.6 Instacart ... 49 3.4.7 Zenefits ... 55 4 ... 60 4.1 ... 60 4.1.1 (SRQ) ... 60 4.1.2 (MRQ) ... 72 4.2 ... 73 4.3 ... 74 4.4 ... 74 ... 76

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1-1 ... 3 1-2 ... 4 1-3 r ... 5 1-4 ... 5 1-5 ... 6 2-1 ... 10

2-2 SDL Foundational Premises Axiom ... 13

3-1 ... 17 3-2 ... 20 3-3 Airbnb ... 21 3-4 Airbnb ... 22 3-5 Airbnb ... 22 3-6 Airbnb ... 26 3-7 Xiaomi ... 27 3-8 Xiaomi ... 28 3-9 Xiaomi ... 28 3-10 Xiaomi ... 32 3-11 Snapchat ... 33 3-12 Snapchat ... 34 3-13 Snapchat ... 35 3-14 Snapchat ... 38 3-15 Square ... 39 3-16 Square ... 40 3-17 Square ... 40 3-18 Square ... 43 3-19 Slack ... 44 3-20 Slack ... 44 3-21 Slack ... 45

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3-22 Slack ... 48 3-23 Instacart ... 50 3-24 Instacart ... 50 3-25 Instacart ... 54 3-26 Zenefits ... 55 3-27 Zenefits ... 56 3-28 Zenefits ... 59 4-1 ... 61 4-2 ... 71 4-3 SRQ1 3 ... 72

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1-1 ... 2 3-1 ... 19 3-2 Slack ... 46 4-1 ... 62 4-2 g ... 64 4-3 ... 67 4-4 r / ……… 69

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1

1.1

1 IT r2 r2 1 1 r 5 r r22015 1 IT r2 Google Facebook r g r r2

1.1.1

10 ( 1 $1B5 2 1,175 1) 5 r22013

r Aileen Lee IT Web

”TechCrunch” r 2Lee(2013)1Lee(2015) 1 r 1 10.1% r2 r2 1 1 r 1 r2 Exit r2 Exit 1 r r2 1 gg1 g r r2 1 $1 117 (2016 1 8 )

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r2 CB Insights(2015) r2 12015 12 144 r2 r r2 : CB Insights(2015a) 1-1 2

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0Fintech Financial Technology IT r : CB Insights(2015a) 1-1 1 1 r r2 r e 1 IT r r2

1.1.2

5 r 5 r r2 r 2008 2 1 2014 2000 r r2NVCA(2015b) 1 2015 14 1 r r2

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Ernst and Young(2014) 1-2 1 IT r r2 1 1 r r r2 2000 r 22000 1 2 1 C 2 r r 2 1 Amazon Web Services 1 r 2 1 r 2 1 r r2g 1 r r2

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r2 : Suster (2012) 1-3 r g r 1 2 2 : Meeker(2014) 1-4

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1 ( r ) r r2 2 : Meeker(2012) 1-5 90 2000 Windows Intel

MPU h ( WinTel) 12010 Google

Android Apple iOS r 2

1 r2 1 r 1 r g r2 1 1 3 h r2

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1.2

2 r2 r r2 r r2 r 1 1 13 2 1 r 1 r r2 IT hr2

1.3

2 (MRQ) C (SRQ) SRQ1 r SRQ2 r SRQ3 (Institutions)

1.4

e IT 1 r2 2 e r2 1 1 1 r 2 1

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r r2

r r2e

Jankowski(2010)1Bryman(2011)

r2Anderson and Kanuka(2003) e

C r2

a) Distribution and retrieval of text based surveys.

b) Open-ended or structured text-based interviews conducted via email or computer mediated conferencing.

c) Focus groups using real-time Net-based video or audio conferencing. d) Analysis of Web logs and other tracking tools for measurement and

synthesis of online activities. e) Net-based telephone interviews.

f) Analysis of text transcripts of learning of social activities. g) Analysis of social behavior in virtual reality environment.

h) Online assessment and/or evaluation of performance or knowledge.

r r2 1 r2 r r2 d) f)1g) r2 1e 1 r2 1 r2 SRQ r r2 SRQ1 r 51 SRQ2 r 5 hr2 SRQ3 (Institutions) 5 1 r

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r2 1 r hr2

1.5

r2 1 1 1 1 r2 2 1 1 1 r2 3 1 r r 1 h r2 4 1 1 r2

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2

2 r 1 r r2

2.1

r 5 r2

2.1.1

Carlsson, et al(2013) 1

r2Global Award for Entrepreneurship Research

1 r2

: Carlsson, et al(2013)

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1 1 1 1 C r2 r r2g 1 r r ”Opportunity Recognition” r2 r”Institutionss/norms/culture” r 1 2.2 r2

2.1.2

Shane and Venkataraman(2000) ”Opportunity Recognition”

1 1 5 r r2

1Shane and Venkataraman(2012) 1 r

h 5 r2

Lusch and Vargo(2014a) 1

1

r 5

r r2

r

Chen and Kotha(2009)1

Dyer and Christensen(2008) C r2 1

r r2

2.2

(1977)1 (1985) 5 1 1 rg Ar 2 5( (2001)) r2 (2012)

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r 5 2 r r r2 1 r r2 2 r 1 r r2 1 r r r2

Christensen(1997)1Christensen and Raynor(2003) r2 r 5 2 Institutions r r2g 1 “ 1 b r2 ”Disruptive Innovation( )” r r2 1 r r2

2.3

IT 2 IT r Lusch and Vargo(2014a) ( 1 SDL5 ) r2SDL 1 r h r r2 SDL r r “Institutions( )” r r2 SDL r Institutions r2 SDL 1 r2

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2.3.1 SDL

SDL Vargo and Lusch(2014)1Vargo and Lusch(2015)

r (Dyad) 5 5 r2 SDL rFoundational Premises(FP) r2 1 r FP 10 11 1 rAxiom 4 5 r2 SDL FP Axiom r2

: Vargo and Lusch(2015b)

2-2 SDL Foundational Premises Axiom

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r h r2Lusch and Vargo(2014a) r2

l Relatively self-contained

l Self-adjusting system of resource-integrating actors

l Shared Institutional logics

l Mutual value creation through service exchange

r IT

r 1

r r r2

2.3.2 SDL

Institutions

r Vargo

and Lusch(2015a) Institutions r2Institutions

1

r 5 r2 rInstitutions

1 1 1 r

r2 r Institutions

Institutional Arrangement(Vargo and Lusch(2014a) Institutional logics)

Institutions r r2 1 Institutions 5 r2 1 r h h1 r r2

2.3.3

Lusch and Vargo(2014b:53)

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h1 r 1

r r

r r 2SDL

Sarasvathy(2009), Read and Stuart, et al(2009) Effectual theory C r2

Lusch and Vergo(2014a:192) r2 Callaway

and Dobrzykowski(2009) SDL

r2 SDL

r 1 2

SDL 1

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3

3.1

3.1.1

1 $1B 5 r2 × 5 r2 r2 1 2 1 r2 (2014) r r2 r2 l r r l r r l 1 ( ) ( ) r l ( r ) 1 r r g r2 1 r r2 1 r gr r2 g 1 r 2 g r r2 ar r2 1 1 ※ g r2 r 1 5 1$1B r r

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1 “ 1 r r r r r2 r r2

3.1.2

2015 12 140 r2 r $1B 5 r r2 : CB Insights (2015b) 3-1 r2 2014 12015 r r2 Lee(2013) 2013 1$1B r 5 1 h 2 1-2 5 2014 15 r r2 r r2 1 r 2014 15

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h r 22015 Heft(2015) r r r r r2 1Nate(2015) r 1 rSquare r r2 Primacy(2015) Theranos h r 1 r2 1 1 1 ” r r r2

3.1.3

r r r 1140 1 r r r2 1 g r Google1Facebook r r 1 r r r2 1 r r r2 (1977)1 (1985) r r r2 r r r2 1 r2 1 h 1 r r2 1 r r2 r r r2

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3.2

2015 12 r140 r 2 1 r2 3 $1B 5 r2 r 3 1 r2 r r2 1 r r r r2g 1 r r 1 r r2 1 3 $1B 2 1 r r2 C r2 7 r2 :CB Insights (2015a) 3-1

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3.3

r r2 (1) 1(2) 1(3) 1(4) 4 r2 (1) (2) r r2(3) r r2

(4) Lusch and Vargo(2014a) r

Actor to Actor Network

1 r r2

r2

:

3-2

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r 1

r2 SDL r

r r 4

r2 1 ( )1 2

(Focal Actor)1 3 (Partner Actor)1 3

(Customer Actor) 4 r2 Lusch and Vargo(2014a)

r 1 1

r r r2

3.4

3.4.1 Airbnb

[ ]

Airbnb(https://www.airbnb.com/) Brian Chesky

Joe Gebbi 2008 2 r r2 1 r2 Web 1 7 r 2015 190 3 4 2 r Web 1 r2 Airbnb r2 : 3-3 Airbnb

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r2 Airbnb 2 : 3-4 Airbnb [ ] Airbnb 2 3-5 Airbnb

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Airbnb r r2 ( ) r Airbnb 1 r ( ) Airbnb r2 1 r( r r r)2 1 r2 r r r2 Airbnb 1 r 1 r2 Airbnb r 1Airbnb r2 r2 [ ]2 Airbnb r2Airbnb

2008 Brian Chesky Joe Gebbia

g 2Airbnb Brian Chesky

r2 1000 1 1150 2 r g 2 2 r g 2 g 1 3 g 2 5 2 g 253 2 ( ( r r 1 ) r2 ) r2

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g Web C13

r 2 3 1 g

g 1 r r

2 Airbnb r2 Brian

Chesky Airbnb r r42

“our customers are buying a house. More than that they are buying a host, the idea of belonging in a new city, the full experience. When we storyboard

the Airbnb experience!—!we storyboard every moment of the full

experience!—!not just the online portion of the product.“

r 1 i 1

r r 1 r

Airbnb r 1 r2

Airbnb i r2

Joe Gebbia rNathan Blecharczyk 1

2 1 C 2 1 r r2 $200 1 A g 2 g r2 r A r 2 1 r 22009 Y r 1 2Y r Brian Chesky r2 4 McCann, Chris (2015)

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“ “It's better to have 100 people love you than a million people sort of like you." To create the perfect experience for one person and then scale that; work backwards. A lot of companies don't do that; a lot of companies make a small tweak for everyone, measure it, make another small tweak and get that

out and measure again.”5

1 1 1 2Y 3 1 r $4,500 r g 2 Cr g 1 1 C r2 4 r 2011 13 100 10 Cr rg r62 5 Fairs, Marcus(2014) 6 McCann, Chris (2015)

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[ ] Airbnb 2 : 3-6 Airbnb 1Airbnb rY r r2 r 71 Amazon r82 Airbnb r 1 r r r r2 r Airbnb r2Airbnb 1 r r r2 r r r 1 7 Chang(2015) r 1 Braintree r r(2015/12/31 , https://www.braintreepayments.com/clients)

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r r( r)2 1 r r r r2

3.4.2 Xiaomi

[ ] Xiaomi(http://www.mi.com/en/index.html, ( )5) 2010 ( ) r22015 1 6 rg C r2g h 12015 1 1 1 r2 Xiaomi 1 (2012 ) r2 : 3-7 Xiaomi r2 Xiaomi 2

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3-8 Xiaomi [ ] Xiaomi r Google rAndroid r2 e r2 Xiaomi r2 3-9 Xiaomi

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Xiaomi 3 r r92 l e l Android ”MIUI” l Xiaomi r Xiaomi e r22014 r r 1 1e C 2 Xiaomi r 1 r r2 1Xiaomi OS Google Andorid r2 g i 1 ”MIUI( )” r2 r r r2MIUI 5 r 1 Android r 2 MIUI r r r2 Xiaomi 1 i2 r Xiaomi 1 MIUI 2MIUI 1 1 a gr r2 (EMS) r r2 Apple r 9 Wee, Willis, (2012)

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r2 1 r r2Xiaomi 1 1 r Cr5 r102 Web 1 1 1 r r( r)2 [ ]11 Xiaomi r 1 g r2 1 Xiaomi r2 Xiaomi 1 MIUI r 2MIUI 1 1 2011 50 r2 1MIUI Xiaomi 12012 7 12013 2 r r2 2014 MIUI 5 r2 r QQ 12010 Twitter 2 1 r g 2Xiaomi 1 h1 r 2Wee(2012) 1 r2

“Most of the fans have ideas about their perfect phone. But many of them can’t do it because building a phone is tough. So they would give us feedback

10 Hong, Kaylene (2015)

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about the features that they think should be included in our next model. And if we incorporated that in our new phone, they will share the good news with their friends.”

1 C r

r r2 1 r

r212

“The core is to maintain the baseline – user experience and product innovation. How are we going to make products that can wow people?...there are many things in the user experience that’s worth it for us to think harder and innovate.” r 5 5 r r2 C1 r2 r r r r2 MIUI g Xiaomi 1 2011 7 i r2 9 h r r2 Mi-1 1999 ( 3.7 , 1 =18.5 ) 2 1 34 30 2 1 r 1 Xiaomi gr 2 1 1 h r2 1

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3 2012 719 12013 1,870 12014 6 r r2 [ ] Xiaomi r2 3-10 Xiaomi (2015) 1Xiaomi r2 1 r2 PayPal r 1 (QQ ) r2 r r r 1 / r2 r2

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1 r2 r22015 r 1 e h 2 1 r 1 2 g ( ) EMS( ) r2 r2

3.4.3 Snapchat

[ ] Snapchat(https://www.snapchat.com/)

Bobby Murphy Evan Spiegel 2011

r r22015 11 1 1 65% r6,500 1 8,700 r r132 r 12015 r2 : 2 Meeker(2014) r 3-11 Snapchat 13 Smith, Craig (2015)

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1 Facebook r

1 2012 Snapchat r2

r2Snapchat

2

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[ ] Snapchat r2 r rSnapchat r r2 ( ) r 1 1 a r r2 Snapchat r2 3-13 Snapchat Snapchat r2 1 h r2 1 r1 r r r h r2 1 2015 2 r r 1 Google Facebook r r2 Spiegel 1Snapchat r 1 r2

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“It seems odd that at the beginning of the Internet everyone decided everything should stick around forever...I think our application

makes communication a lot more human and natural14.”

1 2 1Snapchat r 1 r2 1 Spiegel r r2 Snapchat r 10 r2 r 1 r r2 r 10 r Facebook r2 Facebook 2 1 r g r r2Snapchat 1 r 1 r2 [ ]15

Snapchat Spiegel Murphy 2011

g 162Spiegel SNS r5 1 r r 2 1”Picaboo( )” 2 PC Web 1 14 Gallagher, Billy (2012) 15 Forbes Japan (2015) 16 Reggie Cocoa 2 r Snapchat r 1 r2 r2

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r r 2 Spiegel 1

r172

“when Bobby and I built the prototype and started using it, we realized how much fun we were having sending the photos back and forth. And based on our experience with the application we were able to do a good job describing how ephemeral content can make an experience that is really fun, exciting and way more engaging.”

1 r 2 1 r h r2 2011 7 2 1 100 1 2 2000 g 2 r 10 r2 r 9 15 r 2 r Snapchat r2 r r r g 2 r r r2 $48 1 2 [ ] Snapchat r2 17 IBNLIVE (2013)

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3-14 Snapchat 1Snapchat 2 1 r r2 r r2 1 Google r182 r 1Google Apple r2 Snapchat r 1 r2 1 1 2 r Snapchat r2

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3.4.4 Square

[ ] Square(https://squareup.com/global/en/register) 2009 Jack Dorsey 1 r22015 1 g 1 1 r22015 11 1 12014 300 r1922014 $850M 2 2 :Square FormS-1 3-15 Square 20 1 r2 2 19 (2015) 20 2012 Square FormS-1 r22011 r

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3-16 Square [ ] Square r 2 1 r2 r2 3-17 Square 1 r2 r 1Square

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r2Square 1

r2122015 1POS 1

1 1 1

C r2

Square Jack Dorsey r2

1 r 522 1 523 r Square 1 r r2 Square 2 1 1 r r2Square 1 r r2 1 r 1 r2 [ ]24

Square Jack Dorsey Twitter

C r2 g 1 g r2 Jack Dorsey r2 1 21 2015 2.75%1 3.25% r2 1 1 C r2 22 (2013) 23 , (2011) 24 (2013)

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g 2 1 n

r 1 2 1

r

1 r 2

1 5

Twitter g 1Visa Master

r r 2 1 r 2 1 Square r r r r2 r2 1 r 2 1 a r C1 1 r2 Jack Dorsey r2

“We want to pace out the growth and get a lot of things right. We've been

bringing more and more people into this pilot,25

1 1 Jack Dorsey r2 1 1 r2 [ ] Square r2

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3-18 Square Square 2 1 1 r r r26( )2 1 r Square r2Square 1 r2

3.4.5 Slack

[ ]

Slack(https://slack.com/) 2013 Stewart Butterfield

r r2e r

SaaS(Software As a Service) IT

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r22015 1 r272 :Griffith, Erin. (2015)1 a 3-19 Slack 2013 2015 g r2 2013 12014 8 r( r )2 r2 3-20 Slack 27 Griffith, Erin (2015)

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[ ] Slack r2 3-21 Slack Slack 1 1 1 r r2 e r 1 r Slack r 2 Slack

Whatsapp Facebook Messenger 1

r2Slack r h1e r r r2 Slack r1 r r2 r 1

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r r282 Slack r 1 1 1 1 2 25 1 r r2 r2 r r2Slack Web r r (2015 12 2 r)2

Standard Plus Enterprise

l ( 1 ) l r ( 10 ) l 1 1GoogleApps 1 1e l l ( Export ) l (24/714 )1 1 99.99% l 2016 1 6.67 / 1 8 1 12.50 / 1 15 ( ) :Slack Web 3-2 Slack [ ]29

Slack Stewart Butterfield

28 The SV Startups100 (2015) 29 Fast Company (2015)

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r”Flicker(https://www.flickr.com/)” r22005 Yahoo! g 1 2 12009 ”Tiny Speck” r22012 Tiny Speck 1 r2 1 Slack 1 C r2 C 1 1 r 2 Butterflied r2

"We begged and cajoled our friends at other companies to try it out and give us feedback…We had maybe six to ten companies to start with that we found this way…The pattern was to share Slack with progressively larger groups…We amplified the feedback we got at each stage by adding more teams…and we paid extra attention to the teams we knew should be using Slack successfully."30

r 1

r2 Butterfield

h r2

"The other 80% is people posting about that article...But I will pay attention to what my friends are picking up and sharing…we probably get 8,000

Zendesk( : ) help tickets and 10,000 tweets

per month, and we respond to all of them…we combined quality assurance and customer support into one group that we called customer experience. They do everything from parsing customer feedback and routing it to the

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right people to fixing bugs themselves."31 r2g r r r r2 1 r r r2 2 r 1 1 r i r2 r r2 [ ] Slack r2 3-22 Slack 31 Fast Company (2015)

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r ”Tiny Speck” 1 r Butterflied 1Slack r2 r322 i 1Amazon Web Services(AWS) r r332g 1Slack r Dropbox(https://www.dropbox.com/ja/) r 1 r2 r r r r2 rSlack r2Slack 1 r 1 SNS 1 r r2Slack Slack r r 1 r r2

3.4.6 Instacart

[ ]

Instacart(https://www.instacart.com/) Amazon.com Apoorva

Mehta 2012 r2 Instacart Web

( ) 1 1 r r22015 17 r22012 $1M 12013 $10M12014 $100M r342 r r r2 Instacart

32 Slack Privacy Policy (2016/1/1 , https://slack.com/privacy-policy) 33 Amazon Web Services (2015)

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r2 : 3-23 Instacart [ ] Instacart r2 r ※ 1 g r r2 2 3-24 Instacart

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Mehta Instacart r352

“I think it’s time for a change, and obviously I’m a little biased, but I think Instacart is the way people are going to be shopping for groceries in the next five to ten years.”

Metha 1Instacart r r r2 1 1 1 ※ r r2 1 g r r2 Instacart r b r2 Metha Instacart r2 Instacart g r2g Web r a1 r Instacart r2Instacart r r r2 r2 Instacart 1 r r2 Metha r2

“Over time, we’ve learned a lot about patterns and demands for different cities on different days, at different times. We’re becoming very good at that and of

course there’s’ a lot more we can do there.”36

Instacart r a1

35 Frank, Blair (2013) 36 Solomon (2015)

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r r2 1 g 1 r( )2 1 h 1 h 1 r22015 7,000 r r372 ※ Instacart ( r)2 Instacart 1 r2 r r2 [ ]

Mehta Amazon.com r 2Amazon

r

Instacart r382

“And so it was really a cross-section of my skills from fulfillment at Amazon, plus the fact that I needed something like this. That’s how the Instacart idea came together.”

Metha Instacart r2 Mehta

g 1 Mehta

r2

2 r a 1

2Metha r

2

“That was the first three or four months of the company. The backend

37 Waters, Richard (2015) 38 Frank, Blair (2013)

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infrastructure was just really terrible...That system just accepted any order you'd give it...It wasn’t smart...We started to build a system that could actually predict how many orders we could take for a given time and not take more than we could, and make sure that every customer got a really amazing experience. 39 r 1 a1 1 r2 r 1 Y r2 1Y 1 1 r2Instacart Metha Y 1 r402Instacart Y 2 r 12 C r r412 g 1 r r2 39 Beshwared, Yonas (2014) 40 Mehta, Apoorva (2012) 41 Solomon, Brian (2015)

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[ ]

Instacart r2

3-25 Instacart

Instacart Y r2

421 (Amazon Web Services 43)

r2 1 Instacart r2 1 r r2 r 1 Instacart r 1 r2g 1 Instacart r r r2 1Instacart

42 Instacart Privacy Policy(2015/1/3 , https://www.instacart.com/privacy)

r2g Stripe Instacart r(2015/1/3

,https://stripe.com/jp/features) 43 Overby, Stephanie (2015)

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1 r r r2g Instacart r 1 1 r h r2Instacart r r2

3.4.7 Zenefits

[ ]

Zenefits(https://www.zenefits.com/) Parker Conrad 2013

r2SaaS(Software as a Service) r2 r 1 r h r2 r2Zenefits 2 50 r2 18 1 110 r442 Zenefits r2 : 3-26 Zenefits [ ] 1Zenefits 44 Somerville, Heather (2015)

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r22015 1 1 1 1 r2 Zenefits r2 3-27 Zenefits Zenefits r r2 h g r2 1Zenefits ※ r 2 8 ※ r452 Zenefits r r2 r2Zenefits r 1 r2Zenefits r 1 1 r 2 r2 45 (2015)

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1 2010 ACA(Affordable Care Act: 5) r 2 50 r 1 ※ r 2 1 r r 2Zenefits 1 r ※ r 1 r r 2 Zenefits 1 r Zenefits r r2 1 gr r2 2015 1 r r2 r r2 [ ]

Parker Conrad Zenefits SigFig

2SigFig 1 2 r 1Conrad 2 Zenefits r2 1 1Zenefits r2 Parker Conrad r2

“I started talking with insurance brokers. The consensus was that it was going to chill their business. One broker said, "If this goes through, I'm going to stop working with small companies."… I figured there was a big

opportunity for someone to come in and do this with technology.” 46

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Conrad r 2 r r r 1 r r2Conrad r r 2 Y 2013 1 r2 SigFig Laks Srini 1 r2Y 3 r 1 r TechCrunch Disrupt2013 r472 C 2 IT Conrad r2

“Zenefits would be an automated system that requires the necessary information to be entered only once. It would dramatically reduce the amount of work you have to do… Our first clients were mostly tech companies, because they were frustrated with having to do anything on paper. Thanks to some marketing and word of mouth, we've grown pretty fast. In one year,

we've gone from 15 employees to 450 and increased revenue 20-fold.” 48

Zenefits IT 2 1 1 2 15 1 450 1 20 r22015 1 r r2 47 TechCrunch (2013) 48 Welch, Liz (2015)

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[ ] Zenefits r2 3-28 Zenefits Zenefits Y r2 1 SaaS r r r492 r 1 r 2 1 ”Zeneftis Card” r 1 2 Zenefits r2 Zenefits 1 r r 1 r2

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4

4.1

4.1.1

(SRQ)

3 2 SRQ1 r SRQ2 r SRQ3 (Institutions) 3 SRQ r2

4.1.1.1 SRQ1:

r

r2 1 h

505 r2Lusch and Vargo(2014a) 1

1 r r2 1 5 2 r 1 4 Cr2 1 1 2 ( )1 3 1 4 4 r2 3 r2g (1) r 2

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NVCA(2015a)1 4-1 1 1 2014 1 r2 1 r r2 (2) ( )1(3) 1(4) 2

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4-1 4 1 r2 1 1 r r2 1Xiaomi1Snapchat1Square 3 r2Slack( ) Instacart( ) 2 r2 1Snapchat 17 4 C

r2 (Slack Butterfield) (Xiaomi

) a g r2

r 1

2 r

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13 5 5 r r2 Y 512 (2013) 1Y 1 3 r2g 1 2 Y ( ) gr 1 2 1 r2 r r2 1 r r r r2 Y r2 Techstars(http://www.techstars.com/)1500 Startups(http://500.co/) Cr r2 (Institutions) 1 r r2 1 r r 1 h 1 r r r2 h (Disruptive Innovation)5 r2 r2 1 i 1 1 r 1 r2 1 1 1 1 1e 1 1 1 r r h r r2 1 h r h 1 r2 g SRQ1 r

51 Y Dropbox( )1Heroku( 1Salesforce.com )1

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5 r2 g r2 (1) r (2) 1 r (3) r (4) r r 1 h

4.1.1.2 SRQ2

r

r 1 3 r2 4-2 g r2 1 1 1 a

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r r2 r r r2 1 r 1Square Xiaomi ( )1Zenefits ( ) r2 1 r r2 r Amazon Google r 4 h r2 r r 1 r r2 r r r2 Xiaomi 1 g EMS r2 r 1 r r2 Airbnb Instacart r2 r 1 r2 g 1 Cr 1 r2 1 C r r2 Snapchat Slack r2 r r2 r r 1 h r r2 1 r r r2 1Xiaomi r Airbnb1Instacart r r2 h g r r2

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g 1 SRQ2 r 5 r2 (1) r r (2) r r (3) h1 r r (4) h h1 r

4.1.1.3 SRQ3

(Institutions)

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