“Innovation is imperative. It’s the only insurance against irrelevance” – Morris D Fedeli
The world is forever changing at an exponential rate and so are business too. The need to adapt and innovate is greater than ever before. Leaders like Apple, Google, Facebook and Amazon recognize this and hence their heavy investment into innovation labs. In fact, studies show that the greatest source of success lies in innovation at the business model level. So which business models are most likely to succeed?
In the old days the catch cry of business was to plan, plan, and even more planning. If you fail to plan, you plan to fail! Now we recognize that failing perhaps is not so bad – fail early, fail often, as long as one project out of dozens or more makes it… you are in business! This is precisely what leaders are doing. More than just process or product innovation, business model innovation represents the holy-grail of successful sustainable business strategy.
Doctoral researcher and sustainability expert, Morris Fedeli, this week, presented a unified theory on sustainable business innovation strategy at the peak annual event, the 3rd New Business Model Conference held in Sofia, Bulgaria. The presented framework may be used to develop assessment tools showing how certain business models perform in relation to demonstrable sustainability performance indicators and ultimately facilitate the deployment of a successful sustainable business innovation strategy for the benefit of society and the environment at large.
Offering a unique Australasian perspective, the application of this theory promises to demonstrate which business models are more successful than others, thereby encouraging enterprises the world over to innovate their business model for the benefit of all people, planet and prosperity.