Designing new business models: blue sky thinking and testing

Publisher:
Emerald
Publication Type:
Journal Article
Citation:
Journal of Business Strategy, 2016, 37 (5), pp. 22 - 31
Issue Date:
2016-09-20
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Purpose In what is going to be an uncertain and rapidly evolving global economic landscape, it is clear that firms will have to become more adaptive and responsive to changes within their marketplace. To do this, businesses will not only need to engage in business model experimentation but also look to embrace business model innovation as a core competency and a means for sustained competitive advantage. Design/methodology/approach This paper outlines how a design process of experimenting and prototyping can apply to the design of business models through the case study of hypothetical luggage company Packright. Findings Five meta-models with differing foci are illustrated as an accessible and provoking framework that provides a new logic to classifying, experimenting and prototyping business model designs. Practical implications These five meta-models provide a tangible starting point from which a business can begin to explore different perspectives and gain insights into the internal and external capabilities of their company. Originality/value This paper builds upon the emerging research and exploration into the importance and relevance of dynamic, design-driven approaches to the creation of innovative business models.
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