Business Models
Learning Objectives for Project Managers and Innovation Personnel
- To understand what is meant by a business model
- To recognize the skills needed to participate in business model development
- To recognize the relationship between the firm’s business model and innovation activities
- To recognize the types of business models
INTRODUCTION
“The business world is littered with the fossils of companies that failed to evolve. Disrupt or be disrupted. There is no middle ground.”
“Disruption causes vast sums of money to flow from existing businesses and business models to new entrants.”
— Jay Samit, Disrupt You! Master Personal Transformation,Seize Opportunity, and Thrive in the Era of Endless Innovation
Innovation project management can create products and services that have the potential of producing long-term business value. The way the organization delivers and captures the desired value for economic gain is through the company’s business model, which interacts within the marketplace to take advantage of a commercial opportunity. Simply stated, innovation creates value opportunities and business models deliver and capture the value generally in economic terms. Business model development focuses on how a firm intends to maximize the usage of its resources and core competencies.
In theory and practice, the term business model is used for a broad range of informal ...
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