article thumbnail

Business Model Innovation Basics Series - Part 1: What is a Business Model?

The BMI Lab Blog

However, very few managers are able to explain their company’s business model ad-hoc, and even fewer can define what a business model actually is in general. The number of companies, which have established dedicated business model innovation units and processes is even lower. Magretta 2002).

article thumbnail

Spotting Innovation Opportunities

ITONICS

It is an advantageous space to innovate and grow in and builds the starting point for the development of ideas for products, services or new business models. So why is it so very important to take this upstream step in the innovation process? Having only one good idea won’t help companies to survive.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What is innovation management and why your organization needs it

hackerearth

Understanding Innovation Management. What besets today’s companies? Is it a lack of innovation or an inability to cope with change? Either way, businesses need to identify where they are going wrong because innovation as a business strategy is here to stay. Companies no longer confine themselves to the fourth generation.

article thumbnail

What is innovation management and why your organization needs it

hackerearth

Understanding Innovation Management. What besets today’s companies? Is it a lack of innovation or an inability to cope with change? Either way, businesses need to identify where they are going wrong because innovation as a business strategy is here to stay. Companies no longer confine themselves to the fourth generation.

article thumbnail

When innovation led to a reversal of fortunes

hackerearth

And here’s a good one: Executing an idea which addresses a specific challenge and achieves value for both the company and customer. Companies are leaving no stone unturned in their attempts to drive innovation, be it radical, incremental, or breakthrough. These were big companies. Weathering the perfect storm.