Tomorrowing your Growth
How business model innovations open up new and sustainable sources of growth for companies even in times of crisis.
**Now more than ever, companies are asking themselves how new growth can be achieved. We believe: through innovation in the area of business models. In our white paper, we explain how companies can get there and open up new areas of innovation for themselves.
Decision-makers should see crises as an opportunity for transformation and business model innovations as a driver for new growth. Always with the aim of creating new and more economically, socially and ecologically sustainable business models in order to become or remain more adaptable and resilient as a company. Because the signs are pointing to radical change and new growth.
In times like these, companies are made aware of which of their business models work and which do not. It becomes clear where key transformation tasks lie with regard to their own future viability. But if business model innovations are so important for the future and new growth of companies, dedicated budgets are available and innovation capabilities have already been built up - why do business model innovations often fail in the early stages of the innovation process? Why is the importance of this form of innovation currently still rather low?
Three dimensions represent the central levers for successfully implementing business model innovations and thus leveraging sustainable, future-oriented, new growth potential.
The three levers for new growth in the area of business model innovation:
1: MANAGEMENT - creating scope for 'can' & 'may'
To prevent ideas from failing in the brainstorming phase, new ways of thinking and acting are needed in management that promote 'ability' with regard to the skills of innovators and 'permission' with regard to the corporate culture in the best possible way - at the top management level as well as in operational innovation management.
2: FUNDING - Investing in triple-win
Only one in four innovators surveyed in companies has a budget to go beyond the further development of existing products and services. Business model innovation requires an experimental approach in order to tap into new, sustainable growth potential. Companies should therefore adapt their investment logic as well as their performance measurement. And, at best, think and act like venture capitalists in terms of the innovation budget. The various dimensions of new growth - the economic, social and ecological dimensions - should also be reflected in all logics of financing, especially in the measurement tools and evaluation approaches of business model innovation.
3: CAPABILITIES - living open innovation
Only one in three innovators believes they have enough freedom to test innovative ideas in the market. If business model innovation is to be pursued and implemented, it is important to work on the innovative capacity of an organization as a whole. Being able to experiment, being allowed to fail, taking risks, enduring uncertainty - these are all important cultural prerequisites that have a positive influence on the success of business model innovation for new growth. A strong set of values is therefore essential for innovation work - both in your own innovation team and in collaborations and partnerships.