While the patterns come from historical business models used in different industries, they do explain over 90% of all innovative business models that are created today. Luckily, more and more companies have started to put business modeling on their agenda and require its business units to document and update their business models. Still, there is a lot to do!
The BMC is a way to document an existing business model in 9 dimensions. This is a good starting point to think about how to change this existing business model or "innovate" it. Thus, business model innovation looks at how to change the status quo to make a business more successful in the future. For start ups having no business model yet the tools of business model innovation help to create possible directions in which the start up could go. You can then use the BMC to document your results
These things seems to only make sense looking backwards but it seems that no business seems to be prepared to adopt systematic business modeling.
While the patterns come from historical business models used in different industries, they do explain over 90% of all innovative business models that are created today. Luckily, more and more companies have started to put business modeling on their agenda and require its business units to document and update their business models. Still, there is a lot to do!
It's because of the complex structure of the organization where there are conflicting agendas
What is difference between business model innovation and business model canvas (BMC)? Sometimes I am confused to understand two terms.
The BMC is a way to document an existing business model in 9 dimensions. This is a good starting point to think about how to change this existing business model or "innovate" it. Thus, business model innovation looks at how to change the status quo to make a business more successful in the future. For start ups having no business model yet the tools of business model innovation help to create possible directions in which the start up could go. You can then use the BMC to document your results
isnt the razor and blade approach more of a business strategy than a business model?
It's both