Date –April 30th, 2022
Time: 1.30 PM onwards
Venue: Zoom Platform
Objectives:
- To Understand some of the most widely used techniques of Innovation.
- To Understand the nuances of Business Model Innovation with the help of Business Model Canvas.
- To Examine and evaluate complex business models.
- To Apply the templates of Systematic Innovative Thinking (SIT) in developing new business ideas.
- To Apply the SIT and Business Model Canvas to design new business models
Speaker Details:
Participants Details: more than 50 including students, faculty members, director, HOD’s.
The Workshop will enable the participants to understand some of the widely used innovation techniques in new products, services, apps, concepts, and business model development. After years of experience and observation, the trainer has developed certain templates for systematic innovative thinking (SIT). This workshop-mode student development program will have exercises on breaking down successful business models and on designing new business models. This unique program is designed to imbibe creativity skills in students so that they can understand complex business models and design their new business models with ease and efficacy.
The workshop had the coverage of the following concepts-
Program Sessions: Session– I: Introduction to Systematic Innovative Thinking (SIT) & Business Model Canvas Session – II: Exercises on the application of Systematic Innovative Thinking (SIT) templates. Session– III: Exercises on the application of Business Model Canvas Session– IV: Designing a new Business Idea with the help of SIT and Business Model Canva.
A complete experimental pedagogy with a real corporate example was undertaken for better learning. Enthusiastic participation in discussions and exercises on the business innovation happened throughout.
Media coverage, Feedback from guests/ participants:
Various forms of social media: LinkedIn, Twitter, Facebook, and Instagram are used to cover the pre and post-event activities like creative, crisp reports along with tagging the Resource person in our social media coverage.
Key outcome of the activity:
Application of the concepts “Design Thinking, Critical Thinking and Innovation Design” towards transforming businesses and products.
Material
Objective:
- To establishment of management process for continuing the business model and innovation.
- To enhance the overall competitive performance of the business.
- To set best practices for the business model and, set an appropriate vision for the stakeholder.
It describes how to establish a management process for continuing business model innovation, a potent way to enhance overall competitive performance. The findings are based on research about the current best practices among companies that have gained large competitive advantages in revenue and profit margin growth through continually improving and replacing their business models. Such a process requires articulating and communicating the best practices of the current business model, establishing an appropriate vision for serving stakeholders better in gaining competitive advantage through business model improvements and replacements, stimulating many relevant experiments and tests for potential business model improvements and replacements, and becoming effective in implementing the surviving new business models. Our primary research method is through statistical analysis of the most common elements of business model innovation processes used by the most effective business model innovators.
Business model innovation framework Our framework integrates all the elements where alternative business models can be explored. This framework does not claim that the listed elements are definitive for high-performing business models, but is an attempt to outline the elements associated with business model innovation. This framework builds on the previous work of Core offering Customer needs Target customers Perceived customer value Key assets Key processes Partners network Distribution channels Operational Value Value Proposition (Why?) (How?) Financial Value (Who?) Human Capital Revenue Streams Cost Structure Cash Flow Margins Organizational learning Skills and competencies Incentives Training Figure 2. Business model innovation framework 94 NEJE 22,2 Johnson et al. (2008) and Zott and Amit (2010) by signifying the elements associated with business model innovation. Unlike previous frameworks that mainly consider the constituting elements of business models, this framework focuses on areas of innovation where alternative business models can be explored. Moreover, this is not a static view of the constituting elements of a business model, but rather a view enabling firms to explore alternative business models by continually refining these elements. Arrows in the framework indicate the continuous interaction of business model elements. This framework consists of 4 areas of innovation and 16 elements (more details are shown in Table IV). Each will be discussed below.