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Challenges to business model design and innovation

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What are the challenges to business model design and innovation? At least 3 paragraphs. Must be original work..

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Solution Summary

- "Business Model Innovation" defined and what happens we a company decides on creating a business model innovation, e.g., factors to consider in designing a business model and other challenges to its implementation and getting effective results
- Seven (7) references as of Sept. 21, 2013
- 628 words / 6 paragraphs

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There are various ways to define "Business Model Innovation". It can be a realignment of a company's business model which usually means an overall change in all its dimensions. It can also mean inventing a new way of doing business with the main purpose of providing an increased value that is beneficial to the company, its customers and the stakeholders. Companies that strive for competitive advantage and sustainable profitability always undergo a comprehensive process of reinvention which consists of redesigning its present business model, developing it and eventually implementing it with the hope of reaching its vital objectives and goals.

When a company decides to create a new business model innovation, it faces a very high risk and uncertainty as this new innovation should be a different one compared to the present one. The company has to invest time, money and effort so it has to design a business model that they believe will be effective. Sometimes companies and organizations lack the capabilities to pursue a change in their ...

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