During Monday’s seminar, we
discussed four ways in which innovation can be applied to a business model in
terms of incremental and radical changes: an entrepreneur could create an
entirely new product or update or improve an existing one; they could alter the
process by which a service is brought to the consumer; change their demographic
(or position) or alter the paradigm of the model to suit consumer behaviour and
technological developments. We then looked at a real life example of an
innovative business model: Paper Lantern Lit is an intermediary service between
a publisher and an author. It aims to solve problems within publishing by
hiring the best new authors and taking them step-by-step through the novel
writing process. They generate all the ideas for their novels in house, by researching
what the market requires, and then give the writer specific instructions as to how
to write the book.
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