Business Model Innovation

Go to Course: https://www.coursera.org/learn/business-model

Introduction

### Course Review: Business Model Innovation on Coursera **Overview:** In today’s fast-paced and ever-evolving business landscape, the ability to innovate within business models has become crucial. The "Business Model Innovation" course on Coursera, crafted by experts Laurence Lehmann-Ortega and Hélène Musikas, serves as an excellent resource for entrepreneurs and business leaders looking to enhance their competitive edge. The course introduces the Odyssey 3.14 approach, a pioneering framework that enables participants to invent or reinvent business models effectively. **Course Structure and Content:** 1. **Module 1: Introduction to Business Model Innovation** This module sets the stage for the entire course, introducing foundational concepts of business models and innovation. Participants gain insight into various business model frameworks and begin to understand their significance in strategic planning. The approach is theoretical yet practical, ensuring a solid understanding of the essentials before diving deeper. 2. **Module 2: The 3 Components of a Business Model** Here, the course delves into the Odyssey 3.14 framework, breaking down business models into three critical elements: the value proposition, value architecture, and profit equation. By analyzing these components in depth, participants learn how to create a more effective business model, fostering a mindset geared toward innovation. 3. **Module 3: 7 Directions for the Value Proposition** This module explores seven innovative directions to enhance the value proposition, such as modifying revenue streams and targeting non-customers. Real-life examples enrich the learning experience, driving home the practical applicability of these strategies. This section encourages participants to think outside the box and consider unconventional paths to value creation. 4. **Module 4: 7 Directions for the Value Architecture** Continuing the theme of innovation, this module examines the structural elements of a business model. Participants learn about strategies like leveraging crowd-sourced resources and evaluating the value chain for potential enhancements. Practical examples illuminate these concepts, making them accessible and relevant. 5. **Module 5: It’s Your Turn to Apply the Odyssey 3.14 Approach!** The final module is a hands-on application of everything learned throughout the course. Participants are tasked with creating a new business model using the Odyssey framework. This creative exercise not only reinforces learning but also helps participants practice their presentation skills, fostering collaboration through peer feedback. **Learning Experience:** The course is designed to encourage active participation and critical thinking. The blend of theoretical insights, practical examples, and hands-on exercises makes for an engaging learning experience. A community of learners complements the learning process, offering opportunities for networking and collaboration. **Recommendation:** I highly recommend the "Business Model Innovation" course for anyone interested in entrepreneurship, strategic business development, or corporate innovation. It’s particularly beneficial for start-up entrepreneurs and business leaders seeking to rethink their organizations’ dynamics in an increasingly competitive environment. The Odyssey 3.14 framework provides robust tools that can lead to transformative insights and enhanced organizational performance. In conclusion, this course offers valuable content delivered by experienced instructors. Whether you’re a seasoned entrepreneur or a curious novice, the principles learned here will equip you with the skills needed to innovate effectively within your business. Enroll today and embark on your journey towards mastering business model innovation!

Syllabus

MODULE 1: INTRODUCTION TO BUSINESS MODEL INNOVATION

Welcome to the business model innovation journey! The aim of this introductory module is to familiarize you with innovation and business models and how they relate to the strategy of your company. We will focus on different business models and business model frameworks. This module will also give you an overview of the course and of your assignments.

In this module, we will dive deeper into the Odyssey 3.14 approach and framework, by exploring in detail the 3 components of the business model. 1) The value proposition, which defines your offer and how it is perceived by customers 2) The value architecture, which defines the way your company is organized to deliver your offer 3) The profit equation, which enables you to measure the efficiency of your business model and the relation between the value proposition and value architecture. Thinking deeply about these 3 components and seeing them through new lenses will help you find innovative solutions to create a more effective business model.

This module explores the 7 directions on the value proposition side of the business model. These are the first 7 directions in the Odyssey 3.14 framework. They include: 1) Modifying the revenue stream, that is, how charging a customer can radically change the value proposition, 2) Looking at non-customers, since this group offers many growth opportunities 3) Introducing a third party, which explains the power of platform business models. Each direction will be illustrated by real life examples.

This module explores the 7 directions on the value architecture side of the business model. These are the last 7 directions in the Odyssey 3.14 framework. They include: 1) Eliminating or adding a step in the value chain, that can for example lead to a circular economy, 2) Finding new resources in the crowd, which explains how to leverage the billion individuals connected to the internet, 3) Leveraging resources and competencies, which demonstrates how an alternative way of looking at existing resources and competencies can radically modify the business model. Each direction will be illustrated by real life examples.

During this module, you will have to imagine a new, innovative business model by applying the Odyssey 3.14 framework. Creativity is key, both in coming up with the new business model and in your presentation to your peer participants!