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The most comprehensive, global guide to business model design and innovation for academic and business audiences.
Business Model Innovation Strategy: Transformational Concepts and Tools for Entrepreneurial Leaders is centered on a timely, mission-critical strategic issue that both founders of new firms and senior managers of incumbent firms globally need to address as they reimagine their firms in the post COVID-19 world. The book, which draws on over 20 years of the authors collaborative theoretical and rigorous empirical research, has a pragmatic orientation and is filled with examples and illustrations from around the world.
This action-oriented book provides leaders with a rigorous and detailed guide to the design and implementation of innovative, and scalable business models for their companies. Faculty and students can use Business Model Innovation Strategy as a textbook in undergraduate, MBA, and EMBA degree courses as well as in executive courses of various designs and lengths. The content of the book has been tested in both degree and non-degree courses at some of the world's leading business schools and has helped students and firm leaders to develop ground-breaking business model innovations.
This book will help you:
Authors Amit and Zott anchored the book on their pioneering research and extensive scholarly and practitioner-oriented publications on the design, implementation, and performance implications of innovative business models. They are the most widely cited researchers in the field of business model innovation, and they teach at the top-ranked Wharton School of the University of Pennsylvania and the prestigious global business school IESE with campuses in Barcelona, Madrid, Munich, New York, and São Paulo.
Raphael Amit is the Marie and Joseph Melone Professor and a Professor of Management at the Wharton School. Dr. Amit received his Ph.D. in Managerial Economics and Decision Sciences from Northwestern University's Kellogg Graduate School of Management. He has published widely cited, award winning research on business models.
Christoph Zott is professor in the Department of Entrepreneurship at the prestigious European Business School IESE in Barcelona, Spain. His research centers on the design of business models. Prof. Zott has published on this topic in the Administrative Science Quarterly, the Journal of Business Venturing, Organization Science, and the Strategic Management Journal, as well as in other research outlets and books. Professor Zott teaches courses on entrepreneurship and private equity at MBA, EMBA and Executive Education levels.
Preface
Part I: Foundation and Mindset For Business Model Innovation
Chapter 1: Why Do Business Models Matter—The “What, How, Who & Why” Framework For Understanding Any Business Model
Why Do Business Models Matter?
What Is a Business Model?
Approaches Towards Defining Business Models
Our Definition: The Business Model as an Activity System
The “What, How, Who & Why” Framework
Value Creation vs. Value Appropriation in Business Models
Summary of Key Takeaways and Outlook
Chapter 2: How Business Models Create Value in New Ways – Case Studies and Theory
Value Creation Through Business Models
Uber: A Star Is Born
Michelin: Not Tired of Tire Rental
Standing on the Shoulders of Giants: Theoretical Foundations
Schumpeterian Innovation
Resource-Based View
Transaction Cost Economics
Value Chain Analysis
Strategic Network Theory
Business Model: New Unit and Level of Analysis
What the Business Model Is Not
The Business Model Is Not Traditional Strategy
The Business Model Is Not All-Encompassing
Summary of Key Takeaways for the Effective Business Model Designer
Chapter 3: Adopting a Business Model Mindset – A Prerequisite for Transformative Innovation
Towards a Business Model Mindset
What Is a Business Model Mindset?
Why Is a Business Model Mindset Needed? Mindset Traps
Cognitive Underpinnings of Business Models
Business Models as Cognitive Structures
Cognition as Antecedent: Cognitive Practices and Processes Underpinning Business Model Design and Innovation
Ways to Foster a Business Model Mindset
Leadership Actions to Foster Employees’ Business Model Mindset
Ways to Foster One’s Own Business Model Mindset
Summary of Key Takeaways for the Effective Business Model Designer
Chapter 4: Business Model Innovation – A Fundamentally New Source of Innovation
What is Business Model Innovation?
Business Model Innovation Formally Defined
Definition
Illustrating the Definition
What Business Model Innovation Is NOT
A Framework for Business Model Innovation
Business Model Content Innovation
Business Model Structure Innovation
Business Model Governance Innovation
Business Model Value Logic Innovation
Measuring Business Model Innovation
Quantitative Measures
Qualitative Measures
Illustrating the Upside of Business Model Innovation
Pros of Business Model Innovation
Value Creation Beyond Process or Product Innovation
Low Capital Expenditure
Effective Barriers to Imitation
Industry Disruption
Illustrating the Downsides of Business Model Innovation
Cons of Business Model Innovation
Lack of Protection from Imitation by Competitors
Legitimacy Risk
Risk of Increased Complexity
Risk of Path Dependency
Summary of Key Takeaways for the Effective Business Model Designer
Part II: Strategic Design and Evaluation of Business Model Innovation
Chapter 5: Strategic Design of Innovative Business Models – How to Bring Design Thinking and Creativity to Your Business Model
Why Design Is More Than a Metaphor for Business Model Development
What Is Design?
Business Model Strategic Design Drivers
Deployable Resources (D) And External Environment (E)
Stakeholders’ Activities (S)
Incumbents’ Templates (I)
Goals (G) and Needs (N) of Customers
Mindfulness in Design
Robust Business Model Design
Designing Robust Business Model Content
Designing Robust Business Model Structure
Designing Robust Business Model Governance
Summary of Key Takeaways for the Effective Business Model Designer
Chapter 6: How to Design a New Business Model—A Dynamic Design Method
A Process Perspective on Business Model Design
The Business Model Design Process
BMIdeate
BMIterate
BMImplement
Building a Business Model Innovation Capability
Summary of Key Takeaways for the Effective Business Model Designer
Chapter 7: How to Design A New Business Model—Methods Championed by Startup Entrepreneurs
Converting Design Ideas into Practice
Discovery-Driven Planning—Fail Soon, and Fail Fast
Basic Principles of Discovery-Driven Planning
Discovery-Driven Business Model Development: Pros and Cons
Other Planning Approaches That Are Related to Discovery-Driven Principles
Effectuation—Just Do It!
Effectuation Principles
Effectual Business Model Development: Pros and Cons
Lean Startup—Test, Test, Test
Basic Principles of Lean Startup
Lean Startup Business Model Development: Pros and Cons
Summary of Key Takeaways for the Effective Business Model Designer
Chapter 8: Value Propositions – The NICE Framework for Measuring the Impact of the Business Model
Business Models and Value Propositions
A Formal Model of the Value Proposition
How the Business Model Enhances Value Propositions: The NICE Value Drivers
Novelty
Lock-in
Complementarities
Efficiency
From Value Proposition to Value Appropriation
Summary of Key Takeaways for the Effective Business Model Designer
Chapter 9: Evaluating Existing Business Models and Designing New Ones—Your Essential Toolkit
Business Model Analysis—Why Is It Needed?
Tools for Articulating and Understanding Business Models
Story of “How it Works”
Business Model Elaboration
Activity Map
Tools for Framing the Design Effort
Goals and Needs of Customers
Templates
External Environment, Stakeholders’ Activities and Deployable Resources
Tools for Designing and Implementing Business Model Innovations
Generating New Business Model Ideas
Experimenting with New Business Model Ideas
Implementing Innovative Business Models
Tools for Evaluating Business Models
Summary of Key Takeaways for the Effective Business Model Designer
Part III: MAKING BUSINESS MODEL INNOVATION HAPPEN
Chapter 10: Implementing Business Model Innovation in Established Firms – Organizational Barriers and How to Overcome Them
Changing the Model: The Importance of Fit
So, What Does Implementation Mean Precisely?
Implementation Challenges in Established Firms
Creating Internal Fit: Resistance to Change
Creating Internal Fit: Organizational Inertia
Business Model-Specific Barriers to Implementation
Overcoming BMI Implementation Barriers in Established Firms
Addressing Leadership and Knowledge Gaps
Anticipating and Overcoming Resistance to Change
Countering Organizational Inertia
Summary of Key Takeaways for the Effective Business Model Designer
Chapter 11: Implementing Business Model Innovation in New Ventures – Balancing the Prospects of Shooting for the Stars With the Risks That Can Sink the Ship
The Importance of BMI Implementation for New Ventures
Implementing BMI New Ventures—Challenge or Opportunity?
It is About Managing Risks, Not Taking Them
Dependence on External Third Parties: The Sharks Dilemma
Internal Governance and Leadership Problems That Can “Sink the Ship”
Business Model-Specific Barriers to Implementation
Approaches to Overcoming BMI Implementation Barriers in New Ventures
Business Planning: An Effective Way to Manage Risk
Building Trust with Business Model Stakeholders by Using Symbolic Actions
Countering the Sharks Dilemma: Defense Mechanisms That Work
Choosing a Revenue Model Strategically
Establishing Good Governance from Day One
Summary of Key Takeaways for the Effective Business Model Designer
Chapter 12: Business Model Innovation Strategy in The Digital Age—What Does It Mean for You?
Business Model Innovation in the Digital Age: A Key Strategic Issue
The Strong Case for Having a Business Model Innovation
Strategy
Business Model Innovation Strategy: Think Digital Platforms
How to Develop a Business Model Innovation Strategy
Business Model Innovation Strategy: What Does It Mean For You?
Business model innovation design skills and mindset
Business model innovation implementation skills
Business model innovation management skills
The Bottom Line: What is Your Business Model Innovation Strategy?
Acknowledgments
About the Authors
Index
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