How to Find Your Way Around the API Economy

How to Find Your Way Around the API Economy
How to Find Your Way Around the API Economy


APIs are so widely used today, that we don`t know what their limits are. One person can develop an API for a variety of reasons and naming all of those reasons is an impossible task. That means there is no clear system for all API development. It depends on what you need from your API.

Simply out, one solution is not necessarily good enough for other issues.

However, that doesn`t mean that we can’t find the best practices related to API development and management. Just as we can easily find some tips s for web API development, we can come up with some guidelines for navigating in the API economy

An Introduction to the API Economy

Before we start talking about the core of the matter we need to be clear about what API economy really is. After the explosion of APIs in the early 2000s, it became clear that they will be here to stay for a long time. The API economy emerged as a response to that. There is no definition for the API economy. Nonetheless, we can say that it is a way that API can affect the company`s profitability.

Opposite to the beginning of APIs, their rising value became obvious. At the same time, their potential technologies were demonstrated at some of the most influential projects in the world. Some of those technologies are web apps, social networking, mobile apps etc. They are representing the emerging financial API`s influences on companies. APIs are providing an additional profit.

API Economy Boosting Principles

As we said in the opening paragraph, there are no clear guidelines for anything in the API world. The technology is still too young at this point. But recently, we designers have managed to establish some API design principles that will make the whole ordeal a lot smoother. On the same note, European developers have managed to establish and agree on some of boosting principles for the API economy.

  • Transparency

It has been proven that transparency is producing better quality, much faster than any other practice. It helps in developing more flexible and improved services. Nowadays, open APIs and open interfaces are much more common than before. The emergence of websites like Stack Overflow and Open Source Movement is one of the main reasons for this.

  • Documentation

Well-written documentation is the best friend of the developer. Implementing an API without a proper documentation is risky stuff. The result can be pretty uncertain. The documentation full of useful information is in most cases crucial for the implementation process. Naturally, you should read any documentation you are provided with.

  • Collaboration

The collaboration with others is a crucial element for almost all APIs. Basically, can mean two things: partners working together in order to make sure that APIs are compatible,or defining the purpose of your API in collaboration with developers. Of course, it is better to ask a question and get an answer rather than testing it manually.

  • Serving with a Digital Interface

All software in the world transfers data through the interface. API economy is an interface-based economy, which means it has the task of serving the stakeholders digitally from both outside and inside of the organization. Through the interfaces, you will provide worth to digital service and provide flexibility of the operation.

  • Measure, Get Feedback, and Iterate

A majority of developers is considering revealing their API to the public to be the final step in the development. That is simply not true. The truth is, releasing the first version of your API is just the beginning. Monitoring the API you released can be very helpful. Not only to measure the success of your API but for seeing what you need to focus on next.

  • Purpose

When the developer builds an interface, he needs to have in mind a particular set of consumer needs. For instance, the he’s working on API needs to be designed with a clear lifecycle in mind. The interface needs to be developed, implemented, used, and in the end, ended. One of the most important quality measures of the interface is how easy and quickly it can be used.

  • Implement Consistently

The interfaces need to be consistent, no matter what tech they’ve used, or who implements them. There is no difference for them as they are using the same design patterns. That doesn`t mean they are too rigid than they have to be, they are flexible enough. The developer`s task is to make sure that the interface is operating in a consistent way.


As we said, the API economy is a result of API`s popularity. Today, the API economy is becoming more and more important. A large number of companies recognized their potential and ensured some additional revenue for themselves. When APIs are done well, of course they will have an impact on the company`s profitability.

We hope that our article was informative and enjoyable. If you have some questions or something to add, feel free to leave a comment in our comment section down below. We will respond as soon as we can. Thank you for reading our article. Have a nice day.