How to use the business model canvas for innovation
While there are plenty of really great methodologies and frameworks, like open brainstorming and the Creative Matrix, designed specifically for ideation, the BMC can also be a really powerful tool to get the creative (ideation) juices flowing.
A lot has been said and written about what design thinking is, so I will not go there. Instead, I will take a typical design thinking process and show you how it can be applied to business model design.
How do you come up with new ideas for business models? Where do ideas come from? And how do you know that you’ve covered all your bases when coming up with ideas? If you look at various business models, it won’t be long before you start to see different patterns.
Ideation is important for continuous improvement as well as for idea management and innovation management. Ideation also plays an important role in digitalization and the development of digital business models.
Business model innovation means more than a brilliant insight coming at the right place and the right time. To confer a reliable competitive advantage, BMI must be systematically cultivated, sufficiently supported, and explicitly managed.