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BUSINESS MODEL RENEWAL: HOW TO GROW AND PROSPER BY DEFYING BEST PRACTICES AND REINVENTING YOUR STRATEGY by Linda Gorchels

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CHAPTER 4Innovation: Looking for New Beginnings

Perpetual growth requires perpetual renewal, and so innovation is a necessary part of strategies and business models. A persistent environmental scan with an emphasis on foresight may provide the fodder for ongoing innovation. However, there is no single approach to innovation. People generally think about breakthrough, new-to-the-world products as innovations, yet innovations can come incrementally as subtle modifications morph into new products over time and also can be new ways of doing business.

As an example, let’s take a look at healthcare. Since at least the introduction of Medicare, a typical business model has been fee for service, encouraging medical providers to increase total services ...

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