Business Model Innovation and how startups can help companies achieve it

What is a business model + innovation?

A business model describes how an organization creates, delivers, and captures value. Innovation is implementing new systems, products, and services that will enable future and current economic, environmental or social value add.

https://www.strategyzer.com/canvas/business-model-canvas

Not ideas, not problems, look for opportunities

The starting point for most business model innovation initiatives is ideation. The common misconception is that ideas are the results of crazy, outside-the-box thinking. On the contrary, ideas are the results of a systematic assessment of needs and trends, and capabilities. In facilitated ideation workshops we use different tactics to unearth and enrich ideas respectively. In the end, we try to combine multiple ideas into coherent directions.

Implementation is key

Once the opportunity is identified, next up is making it happen. Here let’s assume this is a proper business model innovation and not a horizon 1 improvement/kaizen type of project. The distinction becomes very important for implementation. In the case of an improvement or incremental innovation, there are not many unknowns. The implementation can be turned into a project, budgeted, assigned, and managed.

Use startups for business model innovation

Engagement with startups helps. Of course, it’s not a swiss army knife either. A company needs to select for which initiatives (or challenges) to utilize startup engagements. We see engagements work better when companies want to enter totally new markets, launch new products or systems within their business models and utilize underutilized core resources such as distribution or manufacturing, or global logistics.

https://www.boardofinnovation.com/tools/three-horizons-of-innovation/
https://medium.com/@a_hatami/buy-build-or-partner-40a399c9e528
https://productfolio.com/value-vs-complexity/

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Workinlot

Workinlot

Workinlot corporate open innovation accelerator / Corporate ecosystem design www.workinlot.com