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Innovation in the Age of Digital Disruption: The Case of Siemens
Abstract
Digital disruption is a worldwide phenomenon whereby digital technology brings new business models that disrupt existing markets. Business models have become key to digital disruption, as the universal language of innovation from invention. The latest business models shift from pipeline material flow to knowledge creation in platforms. Open innovation is part of platform business models. Business models are now financed directly, which has created the lean start-up movement. Start-ups enter markets with no barriers and force incumbents to race them with the ability to compete based on business models and match start-up agility and creativity. One of the world's top innovators, Siemens, a company where innovation is strategy, uses the latest tools for innovation: open innovation for technology invention, business models to turn invention into innovation, and finances business models. A large company, Siemens has created an inner structure that intends to bring the advantages of the lean start-up movement indoors.
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