Establishing a continuing business model innovation process

Abstract

This paper describes how to establish a management process for continuing business model innovation, a potent way to enhance overall competitive performance. The findings are based on research about the current best practices among companies that have gained large competitive advantages in revenue and profit margin growth through continually improving and replacing their business models. Such a process requires articulating and communicating the best practices of the current business model, establishing an appropriate vision for serving stakeholders better in gaining competitive advantage through business model improvements and replacements, stimulating many relevant experiments and tests for potential business model improvements and replacements, and becoming effective in implementing the surviving new business models. Our primary research method is through statistical analysis of the most common elements of business model innovation processes used by the most effective business model innovators.

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