RCUK NEMODE Session — Friday 13th June 2014, 3:15pm
TITLE | Business Models for Exploiting Technology and Social Connectivity
ABSTRACT | One of the biggest challenges faced by UK technologists and scientists is not scientific achievement but successful recognition and adoption of those achievements – whether they are computing devices, programmes, novel drugs, or novel machines. Similar challenges exist in the world of artistic creativity. The business model is a “device” or “configuration” that connects (a) creativity or technology with (b) customer satisfaction and (c) financial sustainability. Getting the business model right is the key to achieving recognition and monetization. This EPSRC project is uncovering how we should think of business models, how they can be better understood, and how they are successfully enacted. And the short talk will uncover the leading edge work in the area, progress that has been made and what it means for the community.
Themes of the talk will include how we should think of business models, what it means to “enact” a business models, the 4 core dimensions” of a business model: “Customers – who are they”, “Engagement – value proposition”, “Delivery – value chain”, and “Monetization – value capture”; and 4 basic “kinds of business models” – Product, Service, Two-sided, and Market Place. It will also show how we are building a library of examplars available on the web that will help mangers and scientists understand these types and how to mobilise them. And we will explain “business model innovation” that occurs when a firm chooses a new business model that challenges existing thinking.
BIOGRAPHY | Charles Baden-Fuller is a Strategic Management Society Fellow and Centenary Professor of Strategy at Cass Business School, City University London, and Senior Fellow at the Wharton School. He holds an EPSRC Grant named “Building Better Business Models”.