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Business Innovation: Beyond Technology
Abstract
This chapter presents the case for a wider understanding of innovation beyond technology and beyond novel products and processes. It examines the dynamics of Business Model Innovation, which refers to fundamental changes to the total formula for business success. New approaches to value creation and appropriation through business model innovation are particularly vital in times of turbulence and realignment faced by firms in high cost operating environments. Business model innovation can create new and sustainable sources of competitive advantage for firms, securing their survival and growth. The chapter discusses the evidence for the role of business model innovation in the growth of leading firms and in the restructuring of markets. It provides an overview of the frameworks for characterising and analysing business models. The options for different types of business models likely to be successful in high cost environments are described.
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