It’s been sitting on my nightstand for awhile, but I’ve finally had a chance to dig into Saul Kaplan’s new book, The Business Model Innovation Factory. I’ve known Saul for some time now. He’s had an interesting career with stints in industry and in senior economic development positions in Rhode Island. Along the way, he’s learned a lot about how to do innovation right, and this new book distills some of these lessons.
Today, Saul heads up the Business Innovation Factory. BIF’s name tells the story–it is a laboratory for new thinking about business innovation. Saul’s book also tells the story of BIF’s work as well—”business model innovation is the new strategic imperative.” If you want to transform your organization, you need to be ready, willing, and able to rethink and transform its business model(s) as well.
It’s hard to quibble with that claim–business models matter and the ability to devise a unique (and profitable) model is a key to business success. Fortunately, the book digs deeper and provides a set of principles and tools for how to go about the process of business model innovation. There is no “one best way” to go about the process, but it is important to be aware of key issues and potetnial roadblocks along the way. This is true for business, and non-profits (covered in part 4 of the book) as well. If you’re on this pathway (and you should be!!), The Business Model Innovation Factory is an excellent guidebook.
One final plug for BIF: Their annual summit is a great event that brings together great thinkers and great ideas. BIF 8 will be held in Providence this coming September. You can learn more here.