I came across an interesting approach to business model innovation being promoted by the folks @ Board of Innovation. They use the analogy of making a film to a business model innovation project. I really like this analogy.
The advantage of considering your business model innovation project as producing a film helps the project in the following ways:
- Makes the entire process more fun and exciting.
- Provides us a process to follow when the team falters.
- As with producing a film, you need a team of people with a diverse sets of skills to come together and work to move a vision to the realm of reality and continuously work together to achieve the vision.
- There is no ambiguity about if they will succeed. They work with a belief and certainty that they will finish the project.
- As with producing a movie, you need to be vary about running over-budget or over-time. Both can be very harmful to the project.
- As the success of the film depends on how it is marketed, so is the success of the innovation project dependent on how it is marketed internally.
- As with any film, the financial success of the project is not guaranteed, so it is with the Business model innovation project.But you still put in your best foot forward and are prepared to accept failure.You learn from the failure and move on.
- Films make money not only on the box office, but from merchandising, TV rights, DVD rights, streaming rights, music rights, etc. So, it is with innovation projects. You can almost always find different usage of what you have created or learned in the innovation project to some other project/division in your business.
You can find the entire process being advocated by the Board of Innovation below:
View more presentations from Board of Innovation .com