Release date: January 21, 2021
Speakers: Raphael Amit and Christoph Zott
Description: The COVID-19 pandemic, a severe and multifaceted global health, economic and social crisis, has prompted companies in every sector of the global economy – large and small, public and private, for-profit and non-profit – to reinvent and reimagine themselves to be able to survive and prosper. Executive leaders from around the world are taking a hard look at how to do business in the post-COVID-19 era by considering the design and implementation of new customer-centric business models. That is, executives are reimagining the boundary-spanning activity systems of their firms, with the objective of creating value for all stakeholders. At the same time, they are also thinking about how their own firms can capture sufficient value from these new business model innovations, which complement product and process innovations. These developments have already spurred notable business model innovations, heightening the need for all corporate and entrepreneurial leaders to develop a well-crafted Business Model Innovation (BMI) strategy.
In this Strategy Imagination Forum, which draws on their recently published book, Business Model Innovation Strategy (Wiley, 2021), Raphael Amit and Christoph Zott will explain what BMI strategy is and how it complements traditional forms of strategy such as business or corporate strategy. They will also provide examples of business model innovators from around the world to illustrate the power of BMI strategy. The concepts introduced, and the illustrations provided, will prompt executives and those who guide them to examine their business model innovation strategies and ask themselves such questions as: What is our current business model? Does it create sufficient value? Is it fit for the future? Or should we consider innovating it? What is our BMI strategy? Why should we have one? How can we develop a BMI strategy? Amit and Zott welcome questions and comments from the audience during this forum and look forward to lively interactions.