I just read a reprint of the Harvard Business Review article “The New Patterns of Innovation” Jan-Feb 2014 (Sorry, I don’t have a link).
They make note of the difficulties existing businesses face in generating new business models with the traditional methods:
- Competency based – entering new markets with core competencies or assets
- Customer focused – studying customers to determine unstated unmet needs
- Environment focused – what opportunities might develop from trends.
Due to three factors…
- Explosion in digital data
- Better tools for data
- Business in the cloud.
…they see five new patterns of innovation:
- Augmenting products to generate data
- Digitizing assets
- Combining data within and across industries
- Trading data
- Codifying a distinctive service capability.
And, of course, combining the patterns.
They identify 4 success factors:
- Strong technology presence
- Inputs from external parties
- Motivated leadership
- Emotional commitment.