Business Model Innovation is becoming a hot topic these days as business leaders increasingly recognize that disruptive innovation requires not only innovative products, but also fundamentally new business models. Recognizing this trend, the Product Development Manager's Association (PDMA) featured a full day Business Model Innovation Lab at their 2011 Annual Global conference. I had the pleasure of co-chairing the lab along with Matt Benson, Advanced Innovation Manager at Faurecia. Our panel of speakers consisted of Josh Suskewicz of Innosight; John Lynch, Head of Innovation at EMD Millipore; Philip De Ridder, Co-founder of Board of Innovation; and Creative Realities President Jay Terwilliger. We were also joined by an experienced and thoughtful group of participants, which made for an engaging and stimulating session. Here are a few of my key takeaways and some business model innovation tools that you may find useful.
Innovation comes from people meeting up in the hallways or calling each other at 10:30 at night with a new idea, or because they realized something that shoots holes in how we've been thinking about a problem.
If I hear once more about how Facebook and the iPhone define the speed of change in business I’m going to scream. And the tragic passing of Steve Jobs has only increased the noise on this topic. The fact is that like all aspects of innovation the same rules don’t apply everywhere.