TRACK Workshop: Business Model Innovation in Practice
- Event Type
- 11/15/20231 pm - 5 pm
Business Model Innovation, Process Mapping and Design, Tools & Techniques
Innovative new concepts often fail in established companies because they do not fit the dominant business model of the corporation. An attempt to force the new concept into the existing business model leads to two problems. On the one hand, the business model may not capture sufficient value for the business to be profitable, so an otherwise viable concept is abandoned. On the other hand, the business model may work but capture little of the value created, leaving money on the table. There can, in fact, be as much as a 5X difference in value capture for different business models delivering the same essential value proposition. This workshop seeks to provide participants with the basic tools for business model innovation.
The workshop will focus on the pragmatics of identifying and building a new business model in a corporate context. It will start by defining business models in a way that helps participants understand what makes each work. We will introduce several business model archetypes, with a focus on those that are most appropriate to industrial companies. For each, we will discuss the model, who uses it today, why it works, and the key assumptions underlying its effectiveness. We will then turn to how to develop, test, and introduce a new business model, using an approach for doing business model innovation called the Business Model Pyramid. We will conclude by discussing the challenges of doing business model innovation in large companies and how to build internal support for your business.
The workshop will feature practical illustrations based on the real-world experiences of the instructor. It will include hands-on break-out sessions that will give participants confidence in applying the concepts. Upon completion, participants will be able to identify new business model options for their innovative concepts, assess them, and begin to do the work to bring a new concept to market.
What will be covered:
1. Introduction to business models
- Business model gallery
- Key takeaways
2. Why do business model innovation?
3. Five tools for understanding business models
- Business Model Canvas (Completeness)
- Business Model Archetypes (Coherence)
- The Flywheel (Economics)
- Strategic Control Points (Competitiveness)
- The Wide Lens (Viability)
4. A process for business model innovation
- The business model pyramid
- Demonstrating customer value
- Generating business model options
- Assessing business model risks
- Conducting business experiments
- Organizing for incubation
- Betting to win
5. Business Model Archetypes for Industrial Companies
- Proactive Services
- AI Discovery models
- Prediction models
- Asset utilization models (shared economy)
- Open Source and P2P networks
6. Practical considerations
- Developing a facility with business model archetypes
- Benchmarking practitioners
- Stochastic modeling
- Dealing with ecosystems
7. Challenges to business model innovation
- Working with the performance engine
- Working in the shadow of the dominant business model
- Key takeaways
Who should attend:
The course is designed for those in innovation functions or within businesses who have responsibility for developing and bringing new business concepts to market or for managing their company’s digital transformation. It is useful both for practitioners developing new business concepts and for those who manage the innovation and digital functions. This course covers a broad range of business issues and can be viewed as a springboard to the participant’s professional advancement.
IRI Members: $295
Non Members: $395
Due to limited seating, we request that you cancel at least 48 hours before a scheduled class. This gives us the opportunity to fill the class. However, if you do not cancel prior to the 48 hours, you will lose the payment for the class.
All IRI events are broadcast in Eastern Standard Time
Outside Insight Consulting, LLC
Jim Euchner is Visiting Professor at Aston Business School (UK) and Editor in Chief of Research-Technology Management, a peer-reviewed journal for practitioners of innovation, technology and research management. He was previously Vice President of Global Innovation at Goodyear Tire & Rubber Company, where he led the development of new businesses and helped launch four businesses on three continents. Prior to his work at Goodyear, Jim held positions as Vice President of Growth Strategy and Innovation at Pitney Bowes, Inc. and Vice President, Network Systems Advanced Technology at Bell Atlantic (now Verizon). Jim has worked in the field of intelligent systems for over 25 years. In his consulting practice, he helps companies to implement businesses enabled by emerging technologies, including AI, the Internet of Things (IoT), automation, and predictive analytics. He helps companies to move quickly and in a disciplined way from concept to cash. Areas of focus include the use of lean startup approaches in large organizations, business model innovation, and the challenges manufacturers confront in moving to services-led business models. Jim is industry co-chair of the Aston Advanced Services Partnership and past member of the Scientific Advisory Council for the Nissan Autonomous Vehicle program. He is also a co-founder of the MIT Innovation Laboratory, a consortium to nurture innovation in organizations. Jim has published and spoken extensively on innovation and technology management. His google scholar page can be found at http://tinyurl.com/google-scholar-JimEuchner Jim received his Bachelor of Science degree from Cornell University in mechanical and aerospace engineering and his Master of Science degree from Princeton University, where he was a Guggenheim Fellow. He also holds an MBA from Southern Methodist University. He has received several awards for his work in AI, including two selections as Innovative Applications of AI, the Carnegie Mellon University/AMS Award for Managing Information Systems, and the Franz Edelman Award (finalist).
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