It is harder to structure an approach to an unstructured process of creating new business models. But can you afford to think linearly in this exponential age? Business models can last for a long time but do not last forever, and in today’s context, they don’t even last for long. The most significant risk a company can take is to decide not to create new business models that decouple the company’s future from that of current core business models in play.
Successful companies shift the base of competition, and their ability to change the basis of innovation keeps their offerings ageless. They start with the focus on performance and functionality through product innovations and shifts towards increasing reliability through process innovations. Eventually, innovating new business models that deliver convenience, speed, and personalized experience.