360° Club Birmingham- Business Model Innovation

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Central Birmingham

Birmingham

United Kingdom

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Generation Y is here and with them a new business mindset. Their needs and wants will soon define the consumer and corporate environments. And these needs are digital. Generation Y are the creators and users of the disruptive business models that challenge the status quo of existing organisations, just like Mark Zuckerberg did with the invention of Facebook. They are determining the way digital technologies are used, and initiating social behaviours for other generations. With generation Y comes an unavoidable wave of digitalization that will crush industries unless they learn how to ride it.

But, it’s not necessarily the change itself that is most difficult to contend with, it’s the sheer pace of it. This is a digitalization wave moving at speeds we have never seen before. To put it into perspective it took more than 70 years for telephones to reach 50% household penetration, 10 years for internet access. Google+, the new social media tool from Google, took only 16 days to reach 10 million users. The pace of technology change is increasing exponentially, so how can you respond to the complexity of this change with so little time to address it?

If we have learnt anything from the rise of internet-enabled businesses, it’s that business model innovation is essential to standing the test of the digital era. Companies that have capitalised on this have rewritten the rules of entire industries. Indeed, a recent study by IBM, interviewing 1500 CEOs from around the world revealed that over 95% are adapting their business model. In fact, over 65% are actually implementing drastic modifications.

There are many ways to embrace these shifts within business models. Do we update and regenerate our existing models using the increasingly versatile technological tools at our disposal? Or do we take the slightly riskier approach and try to create entirely new disruptive models that are entirely tech focused? Either way one thing is certain, archaic business models will be left behind.

We will be asking the leaders of a number of organisations to share their recipe for business model refinement and success at the 360° Club’s next discussion and networking evening on the 22nd of November.

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Central Birmingham

Birmingham

United Kingdom

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