Chapter 1
What is a business model and why should it be innovated?
Many companies develop excellent, technologically sophisticated products. AEG and Grundig have long been German household names; Nakamichi has been a leading hi-fi company; Nokia dominated the mobile-phone sector for several years and Thomas Cook was one of the world’s most successful travel companies until it went bankrupt in 2019. In the developed world, especially, businesses’ ability to innovate never fails to impress. Why do such businesses, whether in the East or West, suddenly lose their competitive advantage? Strong companies such as Agfa, American Airlines, DEC, Loewe, Nixdorf Computer, Motorola, Takefuji, Triumph and Kodak have suddenly disappeared from prominence ...
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