Business Model Innovation: 5 Steps for Strategic Ideation
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The Business Model Ideation Process
The ideation process can take several forms. Here we outline a general approach to produce innovative business model options:
1. Team Composition
Assembling the right team is essential to generating effective new business model ideas. Members should be diverse in terms of seniority, age, experience level, business unit represented, customer knowledge, and professional expertise.
2. Immersion Phase
Ideally, the team should go through an immersion phase, which could include general research, studying customers or prospects, scrutinizing new technologies, or assessing existing business models. Immersion could last several weeks or could be as short as a couple of workshop exercises (e.g., the Empathy Map).
3. Expanding