New ideas that emerge from the Invention phase are little more than wishes turned into conceptual statements that people can react to. In the realm of new products, new services and new business ventures, successful innovation requires a skill for turning those ideas into viable business propositions, in both business-to-business and business-to-consumer environments. This requires an understanding of what it takes to make a new business proposition real: How will it work? Where are the holes in what we do now? What will need to change in order for us to do it? Business Model Mapping is one of the first Incubation steps for understanding the requirements and key value chain decisions that will be needed to run a creative idea into a successful reality.
- A highly visual and inter-connected business model, for which a complete business plan can be built with all the critical components identified.
- Recognition of inconsistencies and incompatibilities with the current value chain and key decisions that must be made if the idea is to be pursued.
- A beginning sense of what start-up costs and decision milestones may be required.
- Overall, a sense of what this new business opportunity will look like, thereby allowing the enterprise to better understand its strategic fit, the required investment, and the internal challenges for making it real.
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