From the course: Reid Hoffman and Chris Yeh on Blitzscaling
What is business model innovation?
From the course: Reid Hoffman and Chris Yeh on Blitzscaling
What is business model innovation?
- So if you want to blitzscale, you've got to be a business model innovator. And that means not just cutting and pasting an existing business model from one market to another, but really taking advantage of the new possibilities inherent in that market. A perfect example is Apple's iPhone. Before the iPhone, telephones were things that you used to make phone calls and where you made money by selling ringtones. The iPhone changed all that. It became our portal to the world and it enabled new business models like the iPhone App Store. But the iPhone was only possible because of the underlying technological innovation. 3G networks finally became widespread enough that people had broadband connectivity. And therefore the iPhone model became possible for the first time. Now if you're trying to develop your business model, what you need to do is you need to focus on maximizing and optimizing four key growth factors and then designing around two key growth limiters.
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