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Business Model Innovation Basics Series - Part 2: Why Business Model Innovation Matters

The BMI Lab Blog

Learnings from sports competitions Competition in business is similar to sports competitions – there are winners and losers. You don’t need to “reinvent the wheel” for small but innovative changes in your business model, instead get inspired by existing concepts in other industries and apply them to your business model.

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What Does a Chief Innovation Officer Do?

IdeaScale

In this survey from 2015, researchers report that 43% of large companies have some sort of top innovation executive in place, which was up from 33% in 2011. A Chief Innovation Officer can look to an organization for guidance and principles, but they also have to create meaning and excitement around change.

Ideation 150
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Our inabilities to adapt needs changing.

Paul Hobcraft

They become fixed, rigid and locked into their established ways, not adapting to the changes occurring around them. Then it becomes a mad scramble to transform ourselves, often with damaging consequences of deteriorating performance, battling more competition that are sensing our weakness, never capable of returning to those previous highs.

Change 100
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You need a red team, not a red pill

Jeffrey Phillips

Where innovators go wrong What a good red team investigation could do for innovation teams is to identify assumptions that are subject to a lot of variation, research that is a bit suspect or limited, unexpected competition or future shifts in customer needs or behavior that were ignored or overlooked.

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Shifting innovation from a vague buzzword to a mechanism of progress

Christensen Institute

In Improve or Transform , our “how-to” guide for health care executives seeking to effectively change their business models, we help leaders identify the business model that is right for them. In order to deliver consumer delight, the unit of analysis and competition needs to move from a product or service to a business model.

Design 52
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How much is innovation costing your organization?

Innovation 360 Group

As a result, too much time and investment is spent on efforts at the periphery that have no link to value—and the opportunity to create true change within the companies is missed, once again.” (Accenture, Discover Where Value’s Hiding, 2018). Penker (2008-2011). Improve your innovation ROI with “The Wheel of Innovation”.

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The Creativity Crisis: It’s Getting Worse

Idea to Value

Making test scores as the measure of success fosters students’ competition and narrows their goals, such as getting rich, while decreasing their empathy and compassion for those in need. However, the greatest innovators in history were inspired by big visions such as changing the world.