Innovating Across the Business Model

WHEN YOU MENTION THE WORD innovation, most people immediately assume you are talking about new product development, or cutting-edge technologies that emerge from traditional R&D departments. Yet some of the most successful innovations of our time have been business model innovations that break from company or industry norms in meaningful and perhaps even radical ways. They do so by:

  • Serving unmet or unsatisfied customer groups
  • Providing new or different benefits
  • Delivering and/or extracting value in an unconventional fashion

Take eBay’s peer-to-peer, Web-based marketplace, Apple’s iPod/iTunes platform, IKEA’s assemble-it-yourself furniture model, Dell’s made-to-order computers, BMW’s customize-your-own ...

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