As companies and businesses operate in an increasingly VUCAD (volatile, uncertain, complex, ambiguous and disrupted) environment, the capability and agility to stay competitive through innovation are vital to sustainable growth. Traditional innovation strategy that revolves around product innovation such as designing new products or services that address unmet market needs or leverage new technology to satisfy existing market needs is no longer sufficient. Organisations need to have a systematic approach to review their business model and identify innovation opportunities.
Facilitated by Professor Serguei Netessine and based on his recent book "The Risk-Driven Business Model: Four Questions That Will Define Your Company," this interactive session introduced board directors to the concept of Business Model Innovation - the frame of thinking, the tools involved and implications for board directors. Professor Netessine worked with eminent practitioners drawn from TMS Academy's and INSEAD's extensive networks, to address the following topics:
- How to innovate without new products or new technology
- Should organisations focus on defending the old business model or building a new one?
- Building blocks of a business model: new levers for innovation
- How to initiate and conduct a Business Model Audit
- Business model risks and how to turn them into innovation opportunities
Serguei Netessine is the Timken Chaired Professor of Global Technology and Innovation at INSEAD and the Research Director of the INSEAD-Wharton alliance. Before joining INSEAD in 2010, he was a faculty member at the Wharton School, University of Pennsylvania. He worked on the topics of business model innovation and digital disruption with numerous organisations globally, including Deloitte, Procter & Gamble, McDonald's, Rolls Royce, Expedia, Keppel, Genting, SPRING Singapore and the US Air Force. He is currently serving on the Future of the Economy committee for the Singapore government. He also serves on the boards of several startup companies and is an active angel investor. He is a frequent speaker on innovation/entrepreneurship at major global events including World Knowledge Forum (Seoul) and World Economic Forum (Davos). A prolific writer, his work has received extensive media coverage in CIO Magazine, The Economist, Forbes, New York Times and US News. He recently co-authored "The Risk-Driven Business Model: Four Questions That Will Define Your Company" (Harvard Business Press, 2014).
- Board Chairs and Non-Executive Directors of publicly listed, private and non-profit corporations
- Government agency representatives
- Social enterprise representatives
"Business Model Innovation (BMI) is an issue that is relevant and critical to every company's success and value creation. This session has provided a very useful and applicable methodology to encourage BMI. Highly recommended!"
Lee Boon Yang, Chairman, Keppel Corporation Limited
"Great insights into Business Model Innovation, which is different from traditional technology innovation. I learned that board members play an important role in this; to see blind spots, take risks and support the company's management to 'dare to try.'"
Tricia Huang, Executive Director, Ministry of Health
"I have gained a good understanding of the importance of having a clear business model, in addition to strategies. Excellent examples of real-life companies provided by the speakers to enhance my learning."
Tan Ek Kia, Board Director, SMRT Corporation Ltd