Business model innovation: Reinventing through self disruption
Running the risk of disruption
Large companies are actively innovating today to avoid running themselves into disruption. In a recent interview from Alexander Osterwalder, he said that industry boundaries don’t matter anymore in today’s businesses because there are so many different business models across all industries. Companies across all industries are finding ways to breakthrough. That’s why it’s time for incubating ideas within your companies to continuously strive for a competitive edge.
It is also not always a competitor that disrupts a business, it is really about us disrupting our own industry. By looking at business model innovation, organisations are able to thrive and breakthrough.
Business model innovation is about fundamentally rethinking your business around a clear—though not always obvious—customer need, then realigning your resources, processes and profit formula with this new value proposition.
Ideas are everywhere but there’s no place for Incubating ideas
Ideas are everywhere, anyone in an organisation can come up with an innovative idea. Many organisations however, struggle to find that one place where they can bring these ideas together to run experiments on them or incubating ideas. One of the reasons why companies struggle is because they have existed for a long time where company culture is set to stone. They have large number of employees spread across different regions and numerous business units each holding a different core value and objective. That makes it harder to have one single initiative that applies to all without the need to tailor make it to feed their needs. That’s the idea of creating a home for innovation.
Centralising innovation: bringing intrapreneurs home, incubating ideas within your company
However, there are ways to start creating a space to centralise innovation and concentrate the effort on innovating. It doesn’t only mean a physical space, but rather a cultural space or a home-base where intrapreneurs, innovators and corporate entrepreneurs can come together to innovate. This space should allow them to thrive, iterate ideas, fail, reiterate until they succeed. Here is where Academy for Corporate Entrepreneurship comes in to facilitate and enable the process.
What we do in AfCE is to help organization, down to the specific business unit to understand their innovation objectives and translating them into best practices where they apply various skills in their projects. By leveraging on expertise from industry leaders, and a thorough, bespoke 12 week accelerator program, AfCE has the perfect mechanism in place to enable this corporate initiative.
Once we identify the goals, the next step is to populate the innovation space. AfCE helps hand pick candidates to be part of the program using our DNA test. The reasons why we decide on selecting candidates to run ideas, where the ideas can come from someone else, is base on data showing the success rate of having the right team is much higher as compared to having the wrong people running the best ideas.
Related reading: Intrapreneurs leading innovation in corporate setting
How the DNA Test works
AfCE Intrapreneur DNA Test contains four steps that allow you to gain more insight into employees’ potential as an intrapreneur, based on traits of successful entrepreneurs. This assessment accurately measures employees’ personality traits and cognitive abilities, as candidates cannot game the survey, and therefore, the assessment results are accurate and trustworthy. Read more.
It is a vigorous accelerator program we are offering to make sure we run thorough experiments to test market, to validate the ideas and turn them into shock-proof solutions. Most importantly, we train the participants to become innovative thinkers, entrepreneurial individuals, who will become the company’s future leaders.
We ultimately help participants in the company get better and better through the process, through which they become the catalysts along the way and that is when the corporate culture changes as a result of a ripple effect.
Give them power, unleash their potential
One of our goals is to help organisations engage their employees by creating a dynamic and modern working environment that allows thought-leadership and co-creation, essentially developing employees into future leaders. We strongly believe in building a place for innovation by putting structure into the process, setting criteria, assessing progress through interactive measures, incubating ideas and teaching intrapreneurial skillset. Management should give them to power and license to invent the future.