Paths To Success: Three Ways To Innovate Your Business Model
In the ever-changing times, innovation in business models is a success differentiator for CEOs. But what is business model innovation and what can be learned from successful business model innovators? Based on their experience, an extensive literature review and an analysis of 35 best practice cases, IBM first developed a framework for understanding business model innovation. Here, they identified three main types of business model innovations: those in industry models, revenue models and enterprise models. The researchers then compared these three types of business model innovation across the 35 best practice cases and found that each type of business model innovation, used either alone or in combination and with the right strategy and strong execution, can generate success.