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Is your Business Innovative?

Posted on September 16 2015 | Author: Britney Hess


 

Have you considered an innovative business model?

What is innovation?

First, let’s define creativity. According to the Merriam-Webster dictionary, creativity is the ability to think of new ideas. Innovation, on the other hand, is putting that creative idea into action. Innovation may be disruptive, meaning it changes an entire market. Or, innovation can sustain an existing market by improving on the current offerings. 

Where does innovation come from in a business?

There are many potential sources of innovation. The innovation may be driven by the manufacturer of a product. In this case, there may be a more efficient process for creating the same product, or a new ability to manufacture a disruptive product. Innovation can also be driven by the end-user. In this case, the business may receive feedback from the end-user based on the value delivered to the customer.

What is a business model approach to innovation?

An innovative business model should take into account both the manufacturer and the end-user, as well as all of the other components in a typical business model. There are several business model templates available to help visualize how the components will affect one another. The components of a typical business model template include: value proposition, business activities, resources, channels, relationships with customers and partners, revenue streams, and cost structure (check out The Business Model Canvas by Alex Osterwalder for a commonly used business model). It’s important to think about how all of the parts fit together, and how a change in one area may affect other areas.

Create your own innovative business model

It can be helpful to understand the typical business model in your industry or sector. Do research on both smaller competitors and larger corporations. You may want to look at industries that are using, or have used, a similar business model in the past. This can give you a jumping-off point for some creative ideas. Once you have come up with your innovative model it can be beneficial to carry out some small-scale tests to ensure the creative idea is truly an actionable innovation. It’s also helpful to talk with industry experts to ensure you have a plan that makes sense in action!

Bioenterprise works with innovative businesses relating to agri-technology. We routinely look into the business models common to the specific sectors within agriculture to help our clients best understand what is already out there, and how they can modify it.

 

Britney Hess
Junior Analyst
 

Business Model Canvas:
http://www.businessmodelgeneration.com/canvas/bmc

Innovative Business Models:
http://nbs.net/knowledge/nbs-sa-research-on-innovative-business-models/2/

Photo: https://pixabay.com

 






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