The Art of Prioritizing and Timing in Business Model Innovation

Abstract

In rapidly changing environments, business model innovation is hard. Entrepreneurs and managers often find it even harder to figure out where to start with and what to do next when develop a new business model over time. The success of business model innovation largely lies in when companies attempt to make change of what components of a new business model at which order. What you prioritize in mind and what you actually take actions upon can be different, sometimes inevitable. However, managers must be aware of such differences and consciously manage the development journey over time.