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Citizen Recording - Michael Ryan Norton
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Business Model Innovation

Business model innovation is one of the more powerful tools in the innovative startup founder’s toolkit.

Business model innovation requires a clear and thorough understanding of the current model. It helps to have a good handle on a wide variety of business model patterns. It’s important to identify both direct and indirect competition for a solution and assess the ways in which they align or differ from a particular model.

Visually Mapping Your Model

If you cannot easily and simply map out the resources and dynamics intrinsic to your core business model, there’s a good chance you don’t fully understand it. That’s dangerous.

There are a variety of popular business model mapping tools and resources which can be acquired and practiced inexpensively.

Prerequisites

You must be prepared to make a decent time investment. The best innovation thinking and experimentation requires significant time, and cannot be done by the business owner who lives in a state of overwhelm, rushing from one task to the next. Mastering the art of delegation and creating space and time for innovation is crucial.

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Business Modeling Process

The Building Blocks of a Business Model

Customer Segments

Segmentation by offer, channel, relationship, or profitability provides insight into customer types.

Value Propositions

Strong offerings solve real and felt needs for specific customers.

Channels

Customers are best reached though cost-efficient channels which are integrated with existing routines.

Customer Relationships

The ways we maintain relationships with customers shape their experience of brand, product, or and service.

Revenue Streams

What forms and methods of value transfer do our customers prefer to exchange?

Key Resources

What resources are required to create, promote, and deliver the value of our product?

Key Activities

What activities are necessary to create, promote, and deliver the value of our product?

Key Partnerships

Which resources and activities require partnerships? With whom will we work?

Cost Structure

What significant costs are inherent in our resources, activities, and partnerships?

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OPTIMIZED FOR MOBILE DEVICES

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. Even the all-powerful Pointing has no control about the blind texts it is an almost unorthographic life One day however a small line of blind text by the name of Lorem Ipsum decided to leave for the far World of Grammar.

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Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean.

 

Typi non habent claritatem insitam; est usus legentis in iis qui facit eorum claritatem. Investigationes demonstraverunt lectores legere me lius quod ii legunt saepius. Claritas est etiam processus dynamicus, qui sequitur mutationem consuetudium lectorum. Mirum est notare quam littera gothica, quam nunc putamus parum claram.

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