I’m in the middle of reading Evil Plans, the excellent new book by Hugh MacLeod, which reminded me of one of my favourites from him. I think this is a pretty good and concise explanation of business model innovation:
One way or another, to innovate successfully you have to be distinctive. In other words, Hugh is right – you have to be the only one that does what you do.
But what if you’re in an established market?
This is where it is very useful to think about products and services as the embodiments of ideas. The way to be distinctive in a market that already has a lot of competitors in it is to change the meaning of whatever it is that you offer.
If you do that, you’ll be the only one that does what you do.
(the picture is from Hugh’s daily newsletter – you can subscribe to it here)