Whether you are designing a feature, creating a product, or building a company, your technology needs to be solving a real problem for your customers, says Cyriac Roeding, founder and CEO of Shopkick. Roeding describes how his company only began working on technology when it was explicitly needed to solve a key problem.
When was the last time you seriously thought about your blue chip investments going broke? At what point will those shares be worth nothing? Although it may sound ridiculous, the question is serious because at the current rate of disruption, half of the Australian Stock Index S&P 500 will be replaced over the next 10 years (Anthony S D et al, 2016). Where does that leave your investments?
Running a business is tough, no matter what industry you’re in. Retaining loyal customers and remaining relevant are some of the biggest challenges faced by today’s business owners. Fortunately, you’re not alone and your company is not the first to navigate these waters.
At the start of the twenty first century the innovation buzz has become deafening. It commands the attention of everything – from the popular media to scientific journals. Innovation is claimed to be the driver of economies and the competitive edge of companies. With innovation being the core of many new management styles, one question still remains for the enthusiastic manager; what are the concrete tools for my employees to build our revolutionary innovations?
You are not able to stand still in this fast paced business environment, but most of the time innovation fails. Innovation process-expert Robert Cooper shows that of every seven new product/service projects, about four enter development, 1.5 are launched, and only one succeeds. Innovation is so difficult to master, indeed. I love to share with you five reasons why innovation goes wrong and give you ten ways to reduce your failure rate of innovation.
Successful business model innovations (BMI) can disrupt entire industries and change the rules of the game. While most companies actively look to bring new products and services to the market, business model innovations are usually left to start-ups that have yet to find their ideal value proposition, customers, or overall success formula —incumbents prefer business as usual. Understandably so: expanding products or service lines is easier than changing a firm’s entire strategy and logic.
For most startups, the biggest question haunting them today is not money but scale. According to Forbes magazine, the number one cause of startup death is premature scaling (Furr 2011). So the question on every entrepreneurs’ lips is: How quickly and when to scale? But before you answers that, I’d like to ask you why no-one seems to be concerned with the even bigger question, what is scaling all about? And what is so different now that small groups of people can create billion dollar businesses on their own?
There has been a lot of buzz around designing new and innovative business models. But what does it mean to design a new business model? How do you apply design thinking to business model innovation?
The traditional consulting business model is based on two principle ideas: (1) hiring people (top talent if possible) and (2) charging clients a fee per hour or day for gaining access to this talent, its expertise and/or manpower. Depending on the type of consulting or the brand, the pendulum swings more towards focusing on providing, and buying on the customer side, the more sophisticated expertise or the simpler manpower.
The rise of crowdsourcing, crowdfunding, crowdtransporting, crowdletting, etc., has transformed our economy. It has also ushered in the era of the shared economy. Previously marginalized people can now contribute, no matter how small, to all walks of life. It seems to be a fantastic opportunity for the world to access the untapped skill of the crowd. But what about the people whose jobs this makes redundant? Whither the expert?
Leading CEOs worldwide expect major changes to their company’s business model until 2020. As a consequence, organizations are currently about to realize that, today, business model innovation has become as important as technological innovation. However, developing new and viable business models still represents a serious challenge for large incumbent firms despite their resources, know-how, and key technologies. This article provides 10 guidelines for mastering business model innovation challenges in established companies.
Where do great ideas come from? Obviously they come from many sources, which means that your systematic innovation process has to support and sustain multiple efforts at ideation in parallel. In the following article we will explore some promising ways that you may be able to find ideas that will take your own business forward.
In this chapter excerpt from The Innovation Formula Langdon Morris explains how to use a map to help you locate your company in the market, to see clearly how it compares with the competition, and then to use this assessment to chart a future path toward success. The goal is to find the very best high reward, low-risk ideas that will change the market, amplify your profits, increase your relevance, and sustain your organization’s viability over the long term.
An increasing number of companies are turning to business model innovation (BMI) as the best option to increase growth and revenues. Since product or process innovation is often expensive and time-consuming with uncertain outcome and ROI, more companies are turning to BMI as the better alternative compared to product or process innovation.
While most companies focus their innovation efforts on new products, others like Amazon and Netflix are disrupting industries with business model innovation –a cheaper, easier and more powerful form of innovation. InnovationManagement.se spoke about business model innovation with professors Netessine and Girotra, authors of the new book “The risk-driven business model”