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From Innovation Management

6 Ways to Innovate Your Business Model 

February 25th, 2021

The pandemic has given us all an opportunity to build a new business future. Market disruption equals opportunity for those willing to look and work for it. This is the time to adjust and innovate your business model to market conditions. 

During COVID and the VUCA season it has created, we have seen ample reason for companies to adjust their business models. There are three main catalysts for business model innovation: market contraction or expansion, introducing a new product or service, and/or trying to attract new customers. These three factors have been increasingly present over the past year.

In fact, both market contraction and expansion have occurred on a level rarely experienced. Some industries have seen not only growth but also new opportunities that have sprung up from contraction in others. Offerings like specialty cleaning services, clothing companies making masks, delivery and shipping services, and more have expanded. In contrast, travel and tourism, in-person entertainment and events, and optional healthcare services have contracted."

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