Minimum Viable Transformation
By now, top management teams have almost universally embraced the notion that their firms must innovate not only at the level of products and services but at the level of business models. Rethinking the fundamentals of how business creates and captures value wasn’t a priority in an era of slow change and stable industries, but during a time of rapid convergence of enabling technologies, customer desires, and business ecosystems, it now must be.
The use of “minimum viable products” has companies pulling together the essential elements of new business models into barely working prototype models, specifically designed to test key risks. Tomorrow’s most impactful business model changes are starting their lives now as minimum viable transformations.
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