Business Model Innovation: When the Game Gets Tough, Change the Game

Abstract

This chapter analyzes several aspects of business model innovation. (BMI). Challenging environments require businesses to bolster and accelerate innovation. The discipline of BMI offers a fresh way to think about renewing competitive advantage and reigniting growth. A business model consists of two essential elements–the value proposition and the operating model–each of which has three sub-elements. This chapter also describes BMI's potential to change the game as it is especially valuable in times of instability, disruption, and intense competition. Many companies pursue BMI as a defensive move to protect a dying core business or defend against aggressive competitors. It is explained that becoming good at BMI is much like developing other competitive capabilities. Companies must assess opportunities, identify promising projects, pilot the projects, select the most successful projects, and scale them up.

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