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Early Phases of Business Model Innovation: An Ideation Experience Workshop in the Classroom
Author(s) -
Hoveskog M.,
Halila F.,
Danilovic M.
Publication year - 2015
Publication title -
decision sciences journal of innovative education
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.52
H-Index - 19
eISSN - 1540-4609
pISSN - 1540-4595
DOI - 10.1111/dsji.12061
Subject(s) - ideation , mantra , popularity , business model , work (physics) , computer science , business education , knowledge management , business analysis , business rule , mathematics education , business process , marketing , higher education , psychology , engineering , business , work in process , mechanical engineering , social psychology , philosophy , theology , political science , law , cognitive science
As the mantra “innovate your business model or die” increases in popularity among practitioners and academics, so does the need for novel and feasible business models. In this article, we describe an ideation experience workshop, conducted in an undergraduate business course, in which students, guided by their lecturers and two industry representatives, developed business models in the early phases of a company's new blood alcohol level testing device. The students based their business models on the nine building blocks of a Business Model Canvas tool. The workshop confirmed that the three learning objectives were achieved as students acquired knowledge, created problem solutions, and presented results. The success of the workshop is attributable to the opportunity it gives students to work with an actual company, to experiment with business model innovation, and to learn from evaluators’ feedback.