What Is the Role of Design-Led Innovation and Design-Led Prototyping in Developing Novel Business Models?

Provided by: Queensland Treasury Corporation
Topic: Big Data
Format: PDF
Recently, 'Business model' and 'Business model innovation' have gained substantial attention in management literature and practice. However, many firms lack the capability to develop a novel business model to capture the value from new technologies. Existing literature on business model innovation highlights the central role of 'Customer value'. Further, it suggests that firms need to experiment with different business models and engage in 'Trail-and-error' learning when participating in business model innovation. Trial- and error processes and prototyping with tangible artifacts are a fundamental characteristic of design. This conceptual paper explores the role of design-led innovation in facilitating firms to conceive and prototype novel and meaningful business models.

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