- Get top management support – business model innovation is not a walk in the park.
- Raise awareness of the business model innovation topic by highlighting the benefits that new business models can have for your company.
- Refer to best practice cases of business model innovations from within and outside your industry – vivid examples can serve as an important eye-opener.
- Be persistent – an understanding of the importance of business model innovation is unlikely to be established overnight.
- Set up a diverse team – new business models shouldn’t be developed in silos.
- Business model innovation is a cross-functional topic – try to integrate employees with different backgrounds and from different departments.
- Make sure to bring everybody onto the same page with regard to the meaning of a business model – it defines the WHAT, the WHO, the HOW and the VALUE of a company’s business.
- Don’t forget to integrate outsiders as well – nobody will challenge the orthodoxy of your industry more effectively.
- Be prepared for change and be open to learning from others. Keep in mind that the future is already here – it is just unequally distributed.
- A little paranoia doesn’t do any harm – always question the pillars of today’s success.
- Embrace a ‘proudly found elsewhere’ attitude within your company to get rid of the ‘not invented here’ syndrome.
- Constantly monitor and analyse the changes within the ecosystem of your company – are there any signs that your current business model may be put into question in the future?
- Challenge the dominant logic of your firm and of your industry by using the 55+ business model patterns.
- Apply the similarity and/or confrontation principle to use the business model patterns in a structured way.
- Try close (similar) patterns, but also confront your business model with more distant patterns.
- Keep on trying. At first, it seems impossible to learn something from industry outsiders. Individuals with a profound background in the existing industry have particular difficulty in overcoming the dominant industry logic.
- Use haptic cards or other devices to multiply the creative potential of the business model patterns.
- Create a culture of openness – there should be no sacred cows in the room.
- Avoid negative judgements towards ideas for innovative business models in an early stage of an ideation session – it is too easy to kill an idea right at the beginning.
- Be aware that innovation is a process that naturally comes with some failure and risk – provide your employees with the necessary freedom to bring up new ideas and allow them to fail.
- Use an iterative approach with many loops. Verify assumptions.
- Carefully decide when to change between divergent and convergent thinking; managing the balance between creativity and discipline requires some experience.
- Don’t expect to come up with the most brilliant idea right at the beginning; innovation requires hard work, many iterations and time – like any other process.
- Verify assumptions right away and don’t wait too long.
- Don’t overcalculate the business cases – typically they are totally wrong in the early stages.
- No business plan survives first contact with the customer – this is even truer for necessarily fuzzy business model cases.
- Think in different scenarios in order to be prepared for forthcoming changes.
- Define thresholds that your business model must achieve in order to be successful.
- Limit risks by prototyping: a picture is worth 1,000 words, a prototype 1,000 pictures.
- Try to materialise ideas into a prototype.
- Engage in rapid prototyping to get quick feedback on the business model.
- Prototypes can be a detailed presentation, customer feedback or a pilot project with an ‘initial’ market entry, etc.
- Use the insights gained throughout the pilot project to re-adapt your business model accordingly. Try to fail fast and early in the process.
- Give your new business model the necessary context to grow successfully.
- Ensure a protected environment for the business model.
- Give the business model team freedom at the beginning and set clear goals later on.
- Ask for long-term benefits instead of short-term results.
- Ensure that business model innovation becomes an ongoing process – a new business model is not carved in stone and should be challenged regularly.
- Actively manage the change process.
- Be a role model for your employees regarding forthcoming changes, and set incentives to enhance their motivation.
- Promote understanding within the company for business model innovation.
- Ensure a change process that is fair and transparent.
- Develop any skills that are lacking within your organisation.
- Ensure a positive mind-set towards business model innovation.
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