Alex Osterwalder, the Swiss entrepreneur and business expert highlights why innovating on business models is crucial for every company. He demonstrates what companies should focus on when thinking about their business models by using a few practical examples. Not every leader thinks about their business model hard enough to compete beyond products. However, it’s increasingly hard to just innovate on technology and product.
“There are business models out there that will disrupt industries with a completely different way of working. If you’re competing on products and technology alone, good luck – your risk. Think of competing on business models,” emphasized Alex Osterwalder, the inventor of the Business Model Canvas, in his keynote at Nordic Business Forum Norway in January.
• Business models and value propositions expire faster than ever before, so constantly innovation is crucial.
• 4 out of 100 innovations actually become successful – innovation without failure doesn’t exist.
• Every CEO should spend at least 1-2 days of their week concentrating on innovation.
Innovate not only on products and technologies but business models as well.
Questions to consider:
• Are you focusing on innovation?
• Does your company have a portfolio of new ideas and innovations?
• Are you competing beyond products, prices, and technologies?
• How can your company innovate on business models?
You can also find a written summary of the keynote at https://www.nbforum.com/event-summaries/