Business model innovation sprint.
Research has shown that business model innovation can create up to 25x greater competitive advantage compared to product and process innovation. However, only 17% of companies have invested in evaluating their business model design. And while we observe more and more companies understanding the importance of business model innovation, they still have a hard time translating high-level business modeling concepts to practical techniques and tools while designing or redesigning a busines
- We see teams asking themselves:
How do we quantify the markets properly? What assumptions are already validated by other players?
- How do we know that this business model is the best fit for us?
What are the implications of choosing this business model?
- Given this business model, what are the important things to remember moving forward?
- How should we experiment with different business models?
The goal of our business model design program is to research, ideate, model & evaluate business models together with you.
A new robust business model for your organization.
Know your industry before diving deep
In the first stages of business model design, we will map your industry & most dominant business models. This will help us identify long-held beliefs that might be ready for disruption.
Also, know the numbers behind your industry. You’ll understand exactly what you need to know about the market you’re going to operate in.
Don't rely on 1 business model, ideate at least 5
Most teams run with the first business model they come up with.
We’re a huge fan of ideation because we know there is value in spending time on coming up with creative models. With tailored exercises, you’ll end up with 5 models that could work for your business.
Model your business to understand it better
Ideas are great. But if they stay on post-its, they tend not to make it off the paper.
You will further develop your business by modeling and structuring the most important aspects of your company. This will help to further ideate on features of the business model as well as uncover critical assumptions to test.
Evaluate your business models
A lot of business models that are only ideated and modeled don’t make sense simply because they don’t add up (or have a very low chance of adding up in the future).
During an evaluation session, you’ll challenge your own business model to see if it has a chance of surviving in the real world.
4 steps of designing an innovative & sustainable business model.
At Board of Innovation, we have a holistic approach to business modeling. We design businesses the same way we design products. Combining target segment & user research, we carry out comprehensive market & competitor research. We focus on outlining the dominant business models & most important long-held beliefs that can be disrupted. When we prototype solutions, we design different relevant business models together with you. Our product reviews are followed by business model evaluation exercises. And finally, while trying out different prototypes, we experiment with different business models, too.
Our 3-day business model innovation sprint is structured into 4 stages which are detailed below.
Goal: understand your market, identify unknowns that need to be further researched
- Identify the dominant business models & most important long-held beliefs that can be disrupted
- Understand the numbers, KPIs & benchmarks behind your industry, market & business
- Identify the most important trends & how they will change your industry
- Identify the important things you don’t know about the industry, that you will need to ask during interviews with stakeholders
Goals: 3-5 distinct business models that could work for your business
- Translate long-held beliefs to opportunities for disruption (opposite thinking for BMs)
- Identify business models that you could operate (Business Model flowchart)
- Ideate your business model features with ideation exercises crafted to your project
Goal: structure your newly ideated business models and uncover underlying assumptions
- Model your newly ideated business model with value exchanges (using the business model kit) to make it concrete
- Summarize the most important aspects of your business model & identify underlying assumptions
Goal: figure out if the business model you came up with has a chance of survival in the real world
- Build your business factory using growth metrics (AARRR) and identify your potentially biggest challenges under an operating business model that you can start testing right away
- Estimate the cost of acquisition (COA) and lifetime value (LTV) of your customers. Learn how will this impact your business.
- Build your scale model & understand your upcoming scaling challenges ahead of time that you can start testing immediately
- Based on your model, what are the examples and unique features of well-designed business models, go-to-market strategies, scaling techniques and things you should keep in mind when moving forward
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Business model design
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Board of Innovation makes Fortune 500 companies innovate like startups, mixing proven methods from design thinking and lean startup strategies.