From the course: Product Innovation for Product Managers
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How to engage your team in the business model
From the course: Product Innovation for Product Managers
How to engage your team in the business model
- Sometimes, upon a successful launch of a new product innovation, the product can look like a win. There's some traction in the marketplace, maybe even press, and the company sees profitability, hooray. But over time, the opportunity to scale becomes less optimistic. Beyond the early adopters, the product struggles to find the right engine to grow and scale. We often find this is how first-moving innovators lose out to fast-moving imitators. The innovators were first to market, but did not successfully scale the idea. The fast followers swooped in, stole the idea, and gained better market traction with a better business model. In product innovation, scale wins. Alex Osterwalder, author of The Business Model Canvas, suggests, "The idea is easy. "The search and iteration for a value proposition "and business model is hard. "Execution and scaling is where winners are decided." So how do you get past stalling out at profitability and missing out on transformational scale? Engage your…
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