Minimum viable transformation
Top management teams are increasingly embracing the need for business model innovation, rather than only product and service innovation. Rethinking the fundamentals of how a business creates and captures value wasn’t a priority in an era of slow change and stable industries, but with rapid convergence of enabling technologies, customer desires, and business ecosystems, it is now important. But, the path to a new and different business model is far from clear. So leaders are taking lessons from the startup playbook on “minimum viable products” to launch minimum viable transformations—lightweight and readily adaptable versions of potential new business models.