The module is run over 2 full days, each with a specific topic. The first day will focus on how to innovate across all elements of a business model while the second day will emphasize piloting your business model through experimentation.
While product innovation certainly is necessary and experience innovation has become increasingly important, defining a winning Business Model might be the game changer you are looking for. Day 1 of this module gives valuable insights on how the different elements of the Business Model connect to effectively increase the value delivered to your clients.
Innovating across the business model is about doing things we have never done before, i.e. things that are unfamiliar and different. The business model that describes our innovation will be based on facts and assumptions depending on the level of knowledge and ignorance about its different parts. Day 2 of this module provides tools to reduce uncertainties across the model before full development and launch to decrease risk and increase success rate.
To describe all business model elements of our idea we will use The Business Model Canvas introduced by Alexander Osterwalder. It visualizes the model across its parts such as: What are our customer segments?; What solutions and benefits do we provide?; How do we make money (value and cost levers, pricing)?; How do we sustain differentiation (branding, quality…)?; How do we deliver (channels and relationships) and production (resources and partnerships)?
To reduce uncertainties across the elements of the business model we suggest a shift from confirming our idea through a market test to learning about weak points, stretching and adjusting our idea through experimentation. The aim of experimentation is to test assumptions where knowledge is not readily available through controlled tests, but doing so fast and inexpensively with limited resources. Focus is on testing the business model to uncover: Does anyone want this?; Can we do it?; Can we make money?
By understanding The Business Model Canvas and experimentation through studying literature and case studies and applying the models to your home company project you will learn how to apply theoretical knowledge to practice.
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