Emerging Trends in Innovation Innovation of Business Models

Innovative Business Models are Fascinating

In my honest opinion, there is just something about creating a new way of doing things that appeals to me. In turn the question becomes why are innovative business models so appealing. Quite often it stems from the fact that once implemented the change seems almost obvious and one begins to wonder why didn't I think of that. It is this concept of noticing something obvious that others never thought about that gives such a sense of satisfaction.

Now we need to think about how one goes about developing a new business model. One would think that creating a new business model is a quite simple feat due to the obvious nature of the solution. This does actually occur, a person has that eureka moment where they realize that something could be done in a completely different manner that offers added value to the consumer. One must note that it doesn't end there, one needs to then analyze the details of the idea such as risks involved as a means of developing the final business model. This is one very valid way of creating new business models. The more common route is to do a full analysis to determine where to apply innovation into the model. This is more common due to human nature. Quite often to point out the obvious one must run through a complex process. The more focused you are in one industry the harder it becomes to point out obvious changes because you are used to doing things in one manner.

This issue of narrow mindedness is why for the innovation of business models it is suggested that you use multi-disciplinary teams that quite often include the consumers. This grants the benefit of seeing things in a different light. Then from this point on it actually follows the innovation process of ideation, prototyping, piloting, implementation, and finally commercialization.

Generally once the process has been completed you will have run through an extremely grueling process to find a solution that will eventually become another persons "that was so obvious why didn't I think of that" and your team can take satisfaction from the sense that they did think of it.