What it is, when it makes sense
Business model innovation is a ‘hot topic’ in the chemical industry since the white spots for new products and applications are rare in many fields of the chemical space. Furthermore digitalization offers many new opportunities to build new business models within the complex value chains in the chemical industry.
However
Our “Business model innovation” service focuses on the execution of business model innovation projects.
What you get
Our typical “Business model innovation” engagement delivers three items:
- Project scoping and planning: the scoping phase of a business model innovation project is significantly more complex compared to ‘standard’ innovation projects. In the chemical industry innovation projects have often long project durations, are based on the detailed content expertise of the organization and incorporate limited open innovation components. These are typically no building blocks of successful business model innovation. Our business model innovation experts support the development of an appropriate project scoping.
- Team setting: Typically business model innovation projects internally have a gap in competencies and resources. With our internal competencies and our large partnering network we ensure a high quality and rapid staffing of business model innovation project teams.
- Project execution: we can take multiple roles in a business model innovation project: Project Manager (conventional & agile), PMO, business process / value chain expert, data scientists, Change Manager, training experts,… Typically we strive to deliver a MVP (minimum viable product) that can be used to test the business model with clients.
How we work
According to our experience 80-90% of new business models will no work as planned. Therefore our approach strongly focuses on an ‘early prototype’ that can be tested with customers. The ‘prototypeability’ is an important criterion for us to evaluate business model opportunities. This also means that other partners from the value chain need to be part of the project.
We typically staff one to four business innovation experts to projects which have the overall size of 6-12 team members and support the projects until the first milestones have been achieved (3-12 month).