It requires care to identify exactly which kind of innovation you undertake as a business because they create different kinds of value and have different economic consequences.
Identify Your Innovation
Companies are innovating their business models all the time; these can be categorized into:
Deepening – Within box innovations – e.g. new charging systems, new ways of delivering value.
Adding – Without changing the fundamentals of dyadic or triadic – e.g. adding a work-for-hire service to a product business model, that makes a portfolio of business models for the company.
Hybridizations – combining dyadic and triadic business models – e.g. taking a product based video- game and creating a version that is free to user but supported fully by advertising and offering both simultaneously – typically a challenging move because for the free-to-use version the rm needs a new version of the game and needs to nd advertising companies to pay for the free-to-use version. Note the classic “freemium business model” where the free product is not sustained by advertising and so not economically sustainable is NOT a hybridization, but a simple product business model with two offers (free offers to entice payment).
Test the Value of Your Innovation
Innovations can be categorized in terms of impact:
Mimetic – New to the company, but copying others in the same sector or location, so unlikely to be more than “catch up moves”.
Innovative – New to the sector or locality – but typically borrowed from another sector – that can sometimes transform an industry (EasyJet copied Southwest Airlines, Amazon copied Sears Roebuck).
New to the world – Rare, hard to achieve, even harder to make work, but totally game-changing when it works. One of the best examples is Google’s internet search supported by SME advertising which remains one of the most pro table business models ever invented.
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