INNO3001 Innovation that Works: Building Innovative Business Models

2017

4.5

1 x 3-hour workshop weekly

None

Core topic

The difference between a creative idea and an innovation is that an innovation is put into practice or implemented. However, it turns out that the implementation of innovations is actually quite difficult. Business Models define how an organisation creates and captures value and are critical to the planning and execution of new and existing ventures. This course will present the defining characteristics of a business model along with proven patterns that work (e.g. long tail, multi-sided platforms, open, free, freemium, razor-and-blades, etc.) and builds on the theoretical foundations of strategic revolution/blue ocean strategy as well as innovation characteristics and adoption/diffusion. Students will learn how to generate, evaluate, and evolve business models with special attention on how to leverage business models to drive user adoption or overcome other barriers to launching or scaling a business. We will use the business model canvas methodology to provide concrete, practical advice and techniques for successfully implementing innovative ideas via appropriate business models. Innovative and original business models have the potential to create new competitive spaces as well as reinvent stagnant or declining industries and are critical for next-generation managers and organisations to understand.

This topic aims to:

Prepare students for the competitive and transformative economic environment where technological and service innovations are rapidly changing business, operating and infrastructure models

On successful completion of this topic students should be able to:

• Be able to assess the effectiveness and viability of a business model in a given industry
• Define how to break away from an industry's dominant business model
• Know how to develop a new business model that can withstand scaling and internationalisation