John Stokvis @johnstokvis.com · Dec 17 27/ it can make a little more sense in graph form: the x-axis roughly means size or cost structure or position in the value chain the y-axis roughly means value captured, profit made, or simple "leverage" it's called the smiling curve, for obvious reasons 😁
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28/ the idea of the smiling curve was first articulated by one of the founders of Acer, Stan Shih to describe how two sides of value chain in PCs (creation and marketing) had all the leverage (and would reap all the profits) vs. the middle (manufacturing) which would get squeezed